Interested to Buy Any Domain ? << Click Here >> for more details...
What is contra account?
- 4 Answers
- 8085 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / bapi
In contra a/c both cash a/c & bank a/c are
involved.sometimes both bank a/c are forms contra a/c.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / sunil kumar tyagi
contra account is a account that offset that related
account.the basic function of contra account is basically
to be an opposite of another account.for example a account
showing a dedit is a contra account known as contra
liability account.similarily a account showing a credit is
a contra account known as contra liability account.for
example if an asset has been amortized then decrease in the
value of asset will be compensated by the ammortized value
accont which is a cotra account ot it. In order to balance
the debit position associated with the amortization, an
opposite or contra account with the balance sheet structure
will represent a credit that essentially offsets the
amortized figure. This helps to maintain a balance between
debits and credits in the bookkeeping process
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sekhar reddy
contra means one transaction is done by one day both cash
a/c & bank a/c are
involved.sometimes both bank a/c are forms contra a/c
| Is This Answer Correct ? | 1 Yes | 2 No |
Depreciation is asset or liability?
why the loss by fire taking in to the credit side of the trading a/c.instead of this is company's loss?
how is the due date calculated. invoice date + payment terms or invoice received date + payment terms or it depends upon the company
Differece b/t Equity and Prefferece Capital?
sir i'm having exp as a HR-Recruiter, now i'm willing to work in other areas of HR.Is learning of accounting courses such as (Payroll mgmt,TDS, service tax, vat, provident fund, gratuity fund, Tally ERP.9 )is necessary? if so, kindly guide me what all accounting courses i need to study to work in other areas of HR. or what are the qualifications required to work in other areas of HR? 2)one of my friend would like to know the job profile for Finance admin..
Compute the following selling price for the follwing item: Basic cost CST @ 4% on basic cost freight & insurance Rs 200/- Margin @ 15% on selling price
Balance sheet identity
how many category of valuation of shares?
What is DECR And for wt it is used?
How can i get GR form (GR No.) for Exports ? please give me a link of website with steps ?
what is CDD’s configuration
Expand ________DMT
Audit 
