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what is the difference between contra entry and double entry?
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Answer / anu
Double Entry:
You've probably heard the saying, "Money doesn't grow on
trees." It means that money must come from somewhere---it
doesn't just "appear." Double-entry accounting is a method
of record-keeping that lets you track just where your money
comes from and where it goes.
Using double-entry means that money is never gained nor
lost---it is always transferred from somewhere (a source
account) to somewhere else (a destination account). In
GnuCash, this transfer is known as a transaction, and each
transaction requires at least two accounts.
Contra Entry:
Contra entry is journal entry.It will be effect in two books
one is cash book and another one is bank book.Now we will
be take cash deposit in bank and entry will be come like
this
Bank A/c dr ***
to cash A/c ****
(cash deposit in bank)
now here bank balance is increase and cash balances is
dicrease and it is effected in both books.
| Is This Answer Correct ? | 68 Yes | 3 No |
Answer / smitha
Double entry as the name suggests is a way of record
keeping where the entry is done in two accounts where as in
contra entry two accounts will always be affected ie bank
and cash accounts
| Is This Answer Correct ? | 26 Yes | 3 No |
Answer / sajjad1
under double entry system both the aspect of changes in the
transaction are recorded in the books of accounts one
change is Debit another change is credit with and equal
amount.
Cotra Entry:
An entry in which cash and book both are involved
known as contra entry.
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / srinivas_accountant
I will go with anu, but i will not accept the contra entry
is journal entry, there is lot of difference between the both.
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / renu
Contra entry is effected in two books cash and bank but
contra entry is not like journal entry
| Is This Answer Correct ? | 4 Yes | 6 No |
Answer / babhu kanchupalli(dms)
Every journal entry must made based on the accounting principles.
Every entry has dual aspect contra entry is not exceptable. Of course contra entry is also a journal entry but every entry can not be a contra entry.Contra entry has an unique quality i.e it takes place in both sides of the accounts but not an every entry.that is the unique difference which makes the contra entry to be separated from the other.that is the difference......
| Is This Answer Correct ? | 0 Yes | 2 No |
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