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What are contra entries?

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What are contra entries?

Posted by Bhuban Gogoi 4 years, 1 month ago

CBSE > Class 11 > Accountancy

2 answers

Lipika Yadav 4 years, 1 month ago

A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts...., Hope it helps..

Gaurav Seth 4 years, 1 month 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Cash withdrawn from bank for office use

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