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what do you mean by contra entry? and where it is used?
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Answer Posted / naveen kumar.karumuri
HERE CONTRA ENTRY MEANS-WE WILL DO THE BANK TRANSATIONS IT
NEED TO PROPOSE IN ACCOUNTING POINT OF VIEW PREPARED "THREE
COLUMN CASH BOOK" CONTRA ARISES IN 3 SITUVATIONS
1.CASH DRAWN FROM THE BANK
2.CASH DEPOSITED INBANK
3.CASH USING FOR PERSONNEL USE
THEN THE POSTING IS
1.CASH DEBIT BANK IS CR
2.BANK IS DR CASH IS CR
3.CASH IS DR
CONTRA IS SITUVATED IN ABOVE 3 TRANSATIONS
THANKING YOU,
NAVEEN.KARUMURI
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