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Answer Posted / h.r. sreepada bhagi
Dear Aman, under Double Entry System of Accounting all
entries will appear in at least two accounts to match debit
& credit amount.
In Book Keeping Contra Entry refers to an entry against an
earlier entry to nullify the effect of that earlier entry.
Contra also refers to an entry which effects both Cash &
Bank books in one transaction. E.g, Cash deposit in to or
withdrawal from bank account. The term Contra Entry is
mostly is used in Cash & bank transactions.
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