Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
1.6k views
in Accountancy by (48.1k points)
closed by

Briefly explain about contra entry with examples?

1 Answer

+1 vote
by (48.4k points)
selected by
 
Best answer

When the two accounts involved in a transactions are cash account and bank account, then both the aspects are entered in cash book itself. As both the debit and credit aspect of a transaction are recorded in the cash book, such entries are called contra entries.

Example: When cash is paid into bank, it is recorded in the bank column on the debit side and in the cash column on the credit side of the cash book

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

...