what do you mean by contra entry? and where it is used?
- 34 Answers
- 100385 Views
- Accenture, AXA, L&T, I also Faced
- E-Mail Answers
Answer Posted / naveen kumar.karumuri
HERE CONTRA ENTRY MEANS-WE WILL DO THE BANK TRANSATIONS IT
NEED TO PROPOSE IN ACCOUNTING POINT OF VIEW PREPARED "THREE
COLUMN CASH BOOK" CONTRA ARISES IN 3 SITUVATIONS
1.CASH DRAWN FROM THE BANK
2.CASH DEPOSITED INBANK
3.CASH USING FOR PERSONNEL USE
THEN THE POSTING IS
1.CASH DEBIT BANK IS CR
2.BANK IS DR CASH IS CR
3.CASH IS DR
CONTRA IS SITUVATED IN ABOVE 3 TRANSATIONS
THANKING YOU,
NAVEEN.KARUMURI
| Is This Answer Correct ? | 0 Yes | 1 No |
Post New Answer View All Answers
Deposited Rs 25000 in Canara Bank of ABC co towards dealership deposit thru our SBH Bank Pass necessary entry
EXPAND_________SDJMC
ER-1, ER-2,ER-3,ER-4,ER-5,ER-6,ER-7 plz tell me use of these excise form
Hi, Please post in here the Aptitude Test Questions given in companies like Thomson, Reuters, GMS, JP Morgan, Northern Trust Bank etc.
Expand---------PDCB
Name the Accounting Concepts
Received credit note for Rs 3500 towards transport charges on the goods supplied from Vinod traders. The transport charges were already paid at the time of delivery. Pass entries at the time of payment of transport and for credit note
WHAT IS B.E.P. CHART
What is the role oF Jr Financial Analyst ? And what are the General Questions Asked for this Profile For freshers ?
How to answer for the question, tell me about ur project? I mean in which format can i say?
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
WHAT IS GENERAL LEDGER HOW MANY TYPES OF IT, AND WHEN GL WILL USE IN WHICH SITUATIONS DESCRIBE ME
Expand----------MTSC
euro currency market
capital introduced by partners? how it will be shown in tally? (i.e.at the place of Account what we have to post) (at the place of particulars what we have to post) (in which vocher we can post it)
