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What is a contra entry?

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What is a contra entry?

Posted by Rohan Bhagat 4 years, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Jeevan Narra 4 years, 4 months ago

Contra entry means recording on both the side if the debit as well as credit like if a business deposits its cheque into the bank than it involves both cash as well as bank.

Yogita Ingle 4 years, 4 months ago

Contra entry is a transaction which involves both cash and bank. Both debit aspect and credit aspect of a transaction get reflected in the cash book. For example:
Cash received from debtors and deposited into bank
Cash withdrawn from bank for office use

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