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Why contra entry passed for cash deposit and cash with drawls?

Updated: 9/14/2023

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∙ 11y ago

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withdraw and deposit entry

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∙ 11y ago

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Q: Why contra entry passed for cash deposit and cash with drawls?

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Continue Learning about Accounting

What is a double entry account?

Contra entry

Is cash sales banked immediately a contra entry?

YesBecause the entry deals with both cash and bank

What is the Accounting entry of deposit in a close bank?

check

What is the journal entry for deposit for future subscription of stocks?

debit deposit for future subscriptioncredit cash / bank

What is Accounting entry of interest on fixed deposits?

fixed deposit A/c dr. to int on fixed deposit

Related questions

What is the definition of contra entry with an example?

Contra refers 'Opposite'. In double entry system when bank and cash transcations are occured with each as cash deposit/withdrawn.

What is the general journal entry for cash deposit?

Cash deposit to bank has contra entry as follows: [Debit] Bank account [Credit] Cash account

How can you entry in tally if cash deposit in bank?

If it is contra entry :Go to ACCOUNTING VOUCHER in tally 9 , after that mouse left click on CONTRA box on your left side or press F4, and then select BANK under Accounts , and select CASH under PERTICULARS.

What is a double entry account?

Contra entry

What is a contra entry?

Contra entry represents deposits or withdrawals of cash from bank or vice-versa. The purpose of contra entry is to indicate the transactions that affect both cash and bank balances. This entry does not affect the financial positions of a business.

What is contra entry systam?

an entry made in the opposite side of an account to offset an earlier entry, for example, a debit against a credit

Is cash sales banked immediately a contra entry?

YesBecause the entry deals with both cash and bank

What is contra entry?

an entry made in the opposite side of an account to offset an earlier entry, for example, a debit against a credit

What is the Accounting entry of deposit in a close bank?

check

What is the journal entry for deposit for future subscription of stocks?

debit deposit for future subscriptioncredit cash / bank

What is Accounting entry of interest on fixed deposits?

fixed deposit A/c dr. to int on fixed deposit

What is the journal entry for cash deposit for Fixed deposit in bank?

debit bank accountcredit cash / bank

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