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what do you mean by contra entry? and where it is used?
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Answer Posted / nolly ughanze
It is a bookkeeping entry that is entered on the opposite
side of an earlier entry to cancel its effect on the
account balance
It is better to say Contra is an adjustment entry, because
it doesn't affect your Net Cash Balance.(whether cash in
hand or bank, your current asset will be the same)
| Is This Answer Correct ? | 8 Yes | 10 No |
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