Answer / raju

contra entry means when cash draw from bank it wiil reflect
both side of the cash book.it indicated as "c" in the cash
book. EX.
1)cash withdrawn from bank
2)cash dedposited in bank

Answer / linu thampi

for eg. of contra entry

salary paid in advance(paid before due)

salary paid in advance A/C Dr. : 500/-
Cash / Bank Cr. : 500/-

On due of salary

Salary A/C dr. : 1000/-
cash/ Bank Cr. :500/-
Salaray paid in advance Cr. :500/-

is it right or not?

Answer / muchiri charles ndonga

a contra entry is a transaction whose double entry is
completed in the cashbook. it involves withdrawal of cash
fron the bank or a deposit of cash from the bank.

Answer / androw

Contra entry is when you paid cash into the bank, or
withdraw cash from bank,also transfer from bank to another
bank that afect both accounts Debit and Credit in the same
amount

Answer / nandi

Where we accounted both the sides like debit and credit.for
ex: Cash deposited to Bank. Cash withdraw from Bank and
amount transfer from one bank to another Bank. It is caled
a contra.

Answer / shreedhar das

Contra entry is one type of entry which afects
simontaneously to the cash and the bank a/c in the cash
book is passed at the time of 3 cases i.e 1.cash deposited
in to bank 2. cash withdrawn from bank 3.Retained cheque
dishonoured or cheque deposited after the expired date.

Answer / nalina

contra it is a voucher where we can record all the entries
related to bank.
withdraw cash to bank
deposited to bank
cash transfed to one bank to another bank

Answer / sanket

An account found in an account ledger that is used to reduce
that value of a related account. Items recorded in the
contra account are specifically designed to offset other
transactions, and are recorded as the opposite type of
entry. If a debit is recorded in a related account, the
contra account record will be a credit.

Answer / mohsin balwa

contra entry means transection involves between one cash
a/c to onether cash a/c or one cash a/c to onther bank a/c

Answer / anushree

the term cotra is a latin word, & it means the other side
or opposite or against. in accounting, this term means the
opposite sides or both the sides of any account or a
statement. in the context of three-column cash book, this
term means opposite os bith the sides, i.e., the debit side
and the credid side of the cash book,

what is sevice tax? on what service tax is applicable. explain with examples?

1 Answers  

Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times

0 Answers  

How can entry made if loan transfer from reliance to tata finance

2 Answers   KMS,

What is Capital Structue?

1 Answers   Capital IQ,

hi..this is swathi.i completed mba finance and graduation bsc microbiology.my question is companys like genpact,factset.. will hire me.is there any rule like that...I am very much greatful if u answer me....

4 Answers  

WHERE ARE ISSUE H FORM?WHAT IS DIFFERED INCOME TAX AND WHERE IT SHOWS IN BALANCE SHEET?

1 Answers   Cognizant,

I am going to attend an interview for the post of jr. Accounts Officer in airport authority of india,pls help me to prepare for the interview??

1 Answers  

whats is the Journal entry for Telephone Expenses?

22 Answers   JPMorgan Chase,

What is Budgeted capital ?

1 Answers  

A Customer has a MNC which has a Unit in USA , All use Same Operation Chart of A/c but they also want local reporting for USA unit .What should they do ? Optons : Use Group chart of account & Group a/c no * Use Group a/c no & Alternative a/c no.2 Use Country Specific Chart of A/c

1 Answers  

what is the need of creation of cost centre in a company ?

2 Answers  

how to create a profit and loss a/c

9 Answers