what is the difference between contra entry and double entry?
Answer Posted / babhu kanchupalli(dms)
Every journal entry must made based on the accounting principles.
Every entry has dual aspect contra entry is not exceptable. Of course contra entry is also a journal entry but every entry can not be a contra entry.Contra entry has an unique quality i.e it takes place in both sides of the accounts but not an every entry.that is the unique difference which makes the contra entry to be separated from the other.that is the difference......
Is This Answer Correct ? | 0 Yes | 2 No |
Post New Answer View All Answers
What Is Differ tax,
Who owns the general ledger?
in terms of accounting the trial balance when is it taken?
Tell me do you have any idea about service tax or excise?
how can i settle the party ac with cr & dr
Tell me what is your track record for consistently achieving your targets?
difition of reserve & surplus
on what rate depreciation will be calculated?
What is meant by public accounting?
Plant and machinery destroyed for 50000
if any otion in tallyerp9 version about doing Luxury tax work
Other accounting interview questions to expect when you interview for an accountancy job include:
What is good accounts Process & Execution capabilities?
Explain me what is important to effective market analysis?
what is t code of all expences general legder?