what do you mean by contra entry? and where it is used?
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Answer Posted / manohar reddy
which accounting entry is recorded on both the debit and
credit side of the cash book is known as the contra entry.
some transactions are recorded in three column cash book
which relates to both cash & bank i.e. balance of one will
decrease and other will increase due to such transactions.
such transactions are entered on both sides of the cash
book . such entries are known as Contra Entry.
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