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what do you mean by contra entry? and where it is used?
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Answer Posted / sukhendra
Basicly Contra entry is transaction between cash and bank,
but it also inclosed when two cosucutive entry are passed
for nullyfi a particular entry with same amount,
| Is This Answer Correct ? | 34 Yes | 22 No |
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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