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What is Contra entry

Answer Posted / bhuvanesh kumar

CONTRA ENTRY MEANS:

The Contra Entry means Bank - Cash or Cash - Bank or Bank -
Bank Tanscation made a entry as contra

FOR EXAMPLES:
CASH DEPOSITED IN BANK:
BANK A/C DR.
CASH A/C CR.

CASH WITHDRAWN FROM BANK:
CASH A/C DR.
BANK A/C CR.

FUNDS TRANSFER: (A COMPANY A/C IN VARIOUS BANKS)
ICICI BANK A/C DR.
IDBI BANK A/C CR.

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