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what do you mean by contra entry? and where it is used?
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Answer Posted / shreedhar das
Contra entry is one type of entry which afects
simontaneously to the cash and the bank a/c in the cash
book is passed at the time of 3 cases i.e 1.cash deposited
in to bank 2. cash withdrawn from bank 3.Retained cheque
dishonoured or cheque deposited after the expired date.
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