Answer / g.nagarjuna

Contra entry :
As well as in journal entries
1.Bank a/c dr
To Cash a/c
2. Cash a/c dr
To Bank entry
The both entries is call d as contra entries

Answer / sridharan

As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from Cash account to Cash account

Cash account to Bank account
Cash account to Cash account

Cash account to Bank account

Answered but misspelled pl correct RS.180000/-IS THE INCOME EXEMPTION LIMIT FOR (ANS.NEWMO)

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