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what do you mean by contra entry? and where it is used?
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Answer / asmar
contra entry is an entry in which one entry is created for
canceling the effect of its againest entry with the same
amount.
| Is This Answer Correct ? | 5 Yes | 9 No |
Answer / m.abinay
Contra entry is the entry that transaction is entred twice.
mostly that will be used in the banks.
| Is This Answer Correct ? | 4 Yes | 11 No |
Answer / rajinder dhawan
In Oracle:
Contra Entry Means GL Contra Entry and there below
entries are passing.
Funds in Transit Dr xxxxxx ( Bank Account)
To cash collection.
This entry depends ib Fund in Transit and Cash in Transit.
| Is This Answer Correct ? | 9 Yes | 27 No |
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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