Contra entry with example?
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Answer Posted / venkat
Contra entry means....when we compare the both book like
cash book and bank book entry's.
See easily understand -
we have cash book... when we deposit the money -cash book
value wil be decrease ( Credit) bank book value wil be
increse( debit).
As wel as same process when we withdraw the cash our cash
book value wil be increase(debit) and bank book value wil be
decrease( credit).
so finally observe those entry's we have to post the contra
entry's when we dealing with bank transactions.
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