Answer / shiva

contra entry is a transaction when both cash and bank
balances are effected same.

Answer / raghavendra kiran

Contra Entry is an entry passed when debit and credit
relating to cash/bank transaction.

Ex:- When cash deposited in bank

Bank A/C
to Cash A/c

in this entry debit & credits are relating to bank & cash

Answer / bhuvanesh kumar

CONTRA ENTRY MEANS:

The Contra Entry means Bank - Cash or Cash - Bank or Bank -
Bank Tanscation made a entry as contra

FOR EXAMPLES:
CASH DEPOSITED IN BANK:
BANK A/C DR.
CASH A/C CR.

CASH WITHDRAWN FROM BANK:
CASH A/C DR.
BANK A/C CR.

FUNDS TRANSFER: (A COMPANY A/C IN VARIOUS BANKS)
ICICI BANK A/C DR.
IDBI BANK A/C CR.

Answer / h.r. sreepada bhagi

Contra entry is passed to effect transactions in Cash & bank
Book whenever there is cash withdrawal from or cash deposit
to the bank.
In case of transfer of funds between 2 bank accounts or 2
separate cash accounts (like Imprest Cash Account & main
Cash A/c) Contra entry can be passed.

Answer / abdullah amer

contra entry is the transaction which is recorded on the
both side of triple column cash book that is cash and bank
columns on the opposite sides.in other words the double
entry aspect of the transction is completed in the cash
book itself

Answer / k.harish kumar

CONTRA ENTRY MEANS CASH AND BANK BOTH ARE TRANSCATIONS AND
COMPANIES BANK TO BANK TRANSACTION USE ENTRY

FOR EX: 1.CASH DEPOSIT INTO THE BANK

BANK A/C
TO CASH A/C
(BEING CASH DEPOSIT INTO THE BANK)
2.BANK TO BANK TRANSFERS EX:

BANK(7921) A/C
TO BANK (7783) A/C
(BEING CHEQUE AMOUNT TRANSFER FROM BANK (7783 TO 7921))

Answer / vijaykant

Conta entry takes place in three occassion
1) when cash is withdrawn from bank
Cash A/C Dr.
To Bank A/c Cr.
2) when cash is deposited in bank &
Bank A/C Dr.
To Cash A/c Cr.
3) branch transfer takes place from one branch to another.
Bank 1 A/c Dr. 20000
TO Bank 2 A/c Cr. 20000
( In this case amount of 20000 is transferred from Bank 2
to Bank 1)

Answer / misbah

Contra entry takes place where we maintain Mirror accounts
to check both the accounts balances . It is mainly used in
Bank Clearing where the Clearing house will have account
for every bank and Every bank will have mirror account in
the name of Clearing house.

The Debit in Clearing house will be the credit in the Banks
side and vice versa. The balance in clearing house (
credit ) should match with the Branch Accounts ( Debit )

Answer / vidya varier

Contra entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from:

Cash account to Cash account

Cash account to Bank account

Bank account to Cash account

Bank account to Bank account

Answer / ganapathi k

Cash a/c dr
to bank cr
( being cash deposited to bank )

journal entries

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