What is Contra Entry?
Answers were Sorted based on User's Feedback
Answer / amir
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.
Is This Answer Correct ? | 342 Yes | 39 No |
Answer / mahmood
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.
Is This Answer Correct ? | 185 Yes | 31 No |
Answer / ritesh baranwal
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 ? | 125 Yes | 19 No |
Answer / sureshkumar
which accounting entry is recoreded on both the debit and
credit side of the cash book is known as the contra entry
Is This Answer Correct ? | 92 Yes | 25 No |
Answer / mahesh babu
Contra entry is journal entry.It will be effect in two books
one is cash book and another one is bank book.Now we will
be take cash deposit in bank and entry will be come like
this
Bank A/c dr ***
to cash A/c ****
(cash deposit in bank)
now here bank balance is increase and cash balances is
dicrease and it is effected in both books.
Is This Answer Correct ? | 74 Yes | 23 No |
Answer / rajesh
the entry which occurs both debit side and credit side in
the three column cash book is called contra entry.
ex: cash paid to bank
bank account dr
to cash account
Is This Answer Correct ? | 56 Yes | 17 No |
Answer / suman
In the journal entrys some of the entries are reflect more
than 2 related ledgers are called the contra entry.That
means it is the entry that will dicrease the amount in one
account and increase the amount in the other account that
was relating to same entry of the above entry.In these type
of entries were made with in the orgination accounts
Is This Answer Correct ? | 93 Yes | 66 No |
Answer / nagesh gadkar
Contra entry is passed on following condition.
The Cash Transaction should be between Cash to Cash, Cash
to Bank, Bank to Bank or Bank to cash.
1) When we Cash deposited in to Bank or
Bank A/c................Dr
To Cash a/c
2) When we Cash withdrawn from Bank or
Cash A/c.................Dr
To Bank A/c
3) When Cash transferred From One Bank(SBI) to
(HDFC)Another Bank or
HDFC Bank A/c...........Dr
To SBI Bank A/c
4) When Cash transferred from main Cash to Petty Cash.
Petty Cash A/c.............Dr
To Cash A/c
Is This Answer Correct ? | 25 Yes | 5 No |
Answer / umesh tayal
which accounting entry is recoreded on both the debit and
credit side of the cash book is known as the contra entry
for example if you want to withdrawal some amount from one
bank & deposit same in others account than a contra entry
have to be passed.
Is This Answer Correct ? | 30 Yes | 12 No |
Answer / sridharan.v
Contra entry.This can be passed only in three column cash
book. Some transactions are recorded in three column cash
book.which relates to both cash & bank.That is called
contra entry this can be denoted by puttting 'C" on Both
the sides of the cash book.
Is This Answer Correct ? | 31 Yes | 23 No |
what is cost of goods sold?
What are the general Ledgers?
what is the difference between gross profit and net profit?
what is waybill key number & how can it be issue?
Expand---------OST
Workers name-Madhu Saha.Pay structure,basic-5850,HRA-1350,CCA-900,TRAV.ALLOW.900.DEDUCTION-PF-702.ESI-150,P.TAX-90.WHAT IS THE EXTRACT IN PF,ESI,IN BALANCE SHEET & sALARY IN p/l A/C . iS IT POSSIBLE THAT PERSONS'S NAME SHOUL COME I P/L
Tell me something about you
Kindly solve the following problem. Financial accounting. 1. Bheema does not maintain his book in the double entry system . His books showed following facts. Receipts for the year ended 31.12.2007 from sundry Debtors 17625.00 Cash sales 4125.00 paid by bheema (proprietor) 2500.00 total 24250.00 payments made for the year ended 31.02.2007 new machinery purchased 625.00 drawings 1500.00 wages 6725.00 salaries 1125.00 interestpaid 75.00 telephone 125.00 Rent 1200.00 lighting 475.00 sundry expenses 2125.00 sundry creditors 7625.00 total 21600.00 Assets and Liabilities As on 31.12.2006 As at 31.12.2007 sundry creditors 2525.00 2400.00 sundry Debtors 3750.00 6125.00 Bank 625.00 ? stock 6250.00 3125.00 plant 7500.00 7315.00 from the Above data , prepare TRADING A/C, PROFFIT & LOSS A/C for the year ended 31st december 2007 and the BALANCE SHEET as on on that date. Kindly solve the problem
Give three examples of P/V ratio?
Tell us your experience in cost accounting?
What is the full from of DR and CR ?
19 Answers Adani, Adani Wilmar,
What will be the journal entry for cheque receive as incim from xyz co. Without tds .and what will be the entry if same cheque deposited into bank ?