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What is contra entry???

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What is contra entry???

Posted by Śěřãj The Cute? 5 years ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 5 years ago

Contra entry represents deposits or withdrawals of cash from bank or vice versa. The purpose of contra entry is to indicate the transactions that effect both cash and bank balances. This entry does not affect the financial positions of a business. A contra entry is recorded in both sides of a two column Cash Book and is denoted by ‘C’ in the ledger folio column.

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