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What is Contra Entry?
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Answer / rishikesh (imrtbusiness school
RISHIKESH (IMRTBusiness school Lucknow)
Contra entry is one which is recorded in the both side of
the Three column cash book by indicating capital 'C'in L.F
column. It is recorded only when on of the below entry is
happend. Such as
1. When cash deposited in to bank.
2. When cash withdrawl form bank.
3. also cash transfferance of cash to one bank to another
bank.
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / ajmal
contra entry is special type of entry which appears only in double or triple entry ie bank,cash or bank,cash,discount, discount is just totaled and other are individually treated.it is denoted by symbol "c"
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / lydia
Its an entry in which
double entry is
completed in the same
account
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rajni
CONTRA ENTRY EFFECTS THE BOTH BANK A.C & CASH A/C
1 when cash deposited into bank
BANK A/C ........DR
TO CASH A/C.........CR
2 when cash withdrawn form bank
CASH A/C........DR
TO BANK A/C........CR
3 transfer to another bank
OTHER BANK A/C .......DR
TO SELF BANK A/C....CR
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / eeswari ravali
In triple column cash book ,when a transaction is related
to both cash and bank and is recorded on both the debit
and credit sides,that particular entry in cash book is known
as contra entry.The letter c is written on both sides in the
ledger besides the entry ,inorder to represent it as a
contra entry.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / abhilash vyas
it is an entry which neither increases or decreases the cash amount for example cash withdrew from bank in this case cash from bank comes into business and another is cash deposited into bank in this case cash from business goes into bank
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / naresh
Contra Entry is the entry which related to only two
accounts that are bank and cash.
Means only if cash withdrawl or deposite in the bank only
and bank debit or credit only cash that entry is called
contra entry.
Ex-- By Bank A/c Dr.
To Cash A/c Cr.
And
By Cash A/c Dr.
To Bank A/c Cr.
| Is This Answer Correct ? | 5 Yes | 4 No |
Answer / badboy
when these cheques are actually deposited with the bank on a future date , a contra entry , as in the case of cash deposited in the bank , will be passed
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / arif
Some transactions are recorded in a three column cash book.
Which refers 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 Entries.
Contra entry is one which is recorded on both side of
the three column cash book by indicating capital 'C' in L.F column. It is recorded only when one of the following transactions takes place.
1. When cash deposited in to bank.
2. When cash withdrawal form bank.
3. Also cash transfer from one bank to another bank.
Bank A/c Dr. ***
To cash A/c ****
(Cash deposited into bank)
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / trupti
which accounting entry is recorded in both the side of two
column cash book is known as contra entry.
| Is This Answer Correct ? | 1 Yes | 0 No |
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