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Bank a/c....Dr.
To Debtor's A/c
Is this journal entry a contra entry?
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Answer / veena
No this is not a contra entry this is a receipt entry
In contra we have to enter only the transaction between owner and the bank for example
withdraw from the bank, deposit to bank to his account
but debtor's is a third party to bank
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / raghu.v
Its not Contra entry.
Contra means "Two"
When transaction happens betweeen
Bank to Cash
Bank to Bank
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / murali
it is not a contra entry it is receipt of cash for previous credit sales now receiving
| Is This Answer Correct ? | 2 Yes | 0 No |
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