Answer / parthu

contra entry effects both bank and
cash coloumns there are three
cases in which contra entry occurs
they are1.cash deposited in to bank
2.when cash withdrawn for office
use 3.cheque received but later
deposited in to bank ,in this case
received cheque should be treated
as cash

Answer / sathi

When a transaction effects both cash and bank accounts at the same time,such entries are called as contra entries.

Answer / deepak jeet

Contra entry passed for transferred transaction related to cash or bank

Answer / sarfraz khan

CONTRA IS A ENTRY VOUCHER IN ACCOUNTANCY WHICH MANTAIN THE
RECORD OF ALL ENTRIES RELATED TO BANK TO CASH, CASH TO
BANK, OR TRANSFER THE ACCOUNT EITHER BY CHECK OR CASH TO
BANK OR VICE VERSA OF THE CONCENRED COMPANY.AND INTERNAL
BANK TRANSFER OF THE SAME COMPANY.

Answer / manohar reddy

which accounting entry is recorded on both the debit and
credit side of the cash book is known as the contra entry.

some transactions are recorded in three column cash book
which relates to both cash & bank i.e. balance of one will
decrease and other will increase due to such transactions.
such transactions are entered on both sides of the cash
book . such entries are known as Contra Entry.

Answer / ch.ramesh

contra entry is passed in following cases
1)when there is a transaction between two different banks
i.e transfer of funds from one bank to another or,
2)cash withdrawn from bank or,
3)cash dedposited in bank or,

Answer / madhvi

contra entry is one which is recorded in cash book and from
where posting to ledger accounts is not done. It is a
opposite entry which is recorded in both sides of cash book
itself

Answer / 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

Answer / nolly ughanze

It is a bookkeeping entry that is entered on the opposite
side of an earlier entry to cancel its effect on the
account balance

It is better to say Contra is an adjustment entry, because
it doesn't affect your Net Cash Balance.(whether cash in
hand or bank, your current asset will be the same)

Answer / sarmistha samal

contra voucher is a voucher where we deposite
cash ,withdraw cash,transfer of cash occurs.

1. A firm buys stock for $100 by cheque and intends to sell it for $200, so the double entry should be a) Debit bank $100 and credit stock $ 100 b) Credit bank $ 200 and debit stock $ 200 c) Debit purchases $100 and credit sales $ 200 d) Debit purchases $ 100 and credit bank $ 100

3 Answers   FactSet Systems,

Expand ________CAP

3 Answers  

what is the working formula for Quick ratio

7 Answers  

If its is declared by auditor that business is not going concern that what journal entry will be pass?

0 Answers  

what is bpo

76 Answers   ADI, Aegis, Airtel, Bank Of America, BPO, Call Centre, Digicall Teleservices, GE, Genpact, HCL, HP, IBM, Infosys, Reliance, Satyam, Spanco, TCS, Tech Mahindra, Wipro,

What is the basic difference between cash flow statement and funds flow statement

1 Answers  

fill in the Blanks The Financial Year starts from______and ends with______

4 Answers  

apptitude Questions for accounts payable job

1 Answers   Accenture, Airtel, Call Centre, WNS,

Choose the right answer When salaries for the month of March paid in April which was already taken into last years account,we have to debit 1.Salaries account 2.salaries payable 3.Employee account

1 Answers  

Why would dividend declared not be included when calculating net income?

5 Answers  

What is 'C'Form ? and what are the uses with 'C'Form? its realed to Central Govt ( or ) State Govt.

4 Answers   Genpact, ITC Infotech, MC Engineers,

expand S T P

6 Answers