What is Contra Entry?

Answer Posted / suman

In the journal entrys some of the entries are reflect more
than 2 related ledgers are called the contra entry.That
means it is the entry that will dicrease the amount in one
account and increase the amount in the other account that
was relating to same entry of the above entry.In these type
of entries were made with in the orgination accounts

Is This Answer Correct ?    93 Yes 66 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

hello,dear any body give me mis report format. my email :kumar_ranjeet121@yahoo.in

1551


How shall I calculate the true profit of my business, as I am a layman for accounting.

1544


Could u show me the sample TDS Document / Template

1626


WHAT WILL BE THE ACCOUNTING ENTRIES IN THE BOOKS IN CASE OF A COMPANY HAVING ITS SHARE CAPITAL WHEN A NEW COMPANY (LTD OR (P) LTD) IS FORMED ?

1634


what is the system of accounting and banking in cooperative bank?

2992






What are the general Ledgers?

1477


what is a meaning of track record in tally software when we maintain the inventory entry what is role of track record

1792


whether unsecured loans written off can be transferred directly to capital reserve without crediting it to profit and loss account

1846


What type of Questions are asked for Interview in Infosys - Financial Process. Any one who is into Research Analyst or Process Executive role, kindly contribute the Questions faced by you?

1764


Sir i am working in 3 star hotel as a senior accountant i need some general letter drafts pleas do the need ful

1605


the total of a firm id a rs.6.4 lakh.he has gross profit margin 15% curre ratio of rs.2.5 the firm current libility is rs.96000,inventry, rs.48000 and cash rs 16000. determine the average inventry of firm iss 5 times determine the avg collectin period of opening balance.

1527


IS ACCOUNTING MBA AND FINANCE MBA SAME OR DIFRENT

1472


what is the meaning of (PDD’s, DOD’s, CFR’s,) based on understanding of the business process

1838


If someone knows about the test pattern of Junior executive accounts than please share.

1690


What are the Types of invoices batching? & what is 3 way batch?

1691