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As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another (e.g. main cash to petty cash )or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from.
- Cash account to Cash account
- Cash account to Bank account
- Bank account to Cash account
- Bank account to Bank account
What else can I help you with?
What are the rules for posting the cash payment journal to the ledger?
credit bank, debit all contra accounts :)
Why drawing balance is debit?
Drawings account is contra account for reducing the owners capital account and as capital account is credit so contra account should be debit so that it can use to reduce the balance from owner’s capital.
What is posting in accounting cycle?
Posting is recording in the ladgers information from journal. Posting is always from journal.
Is entering transactions in a journal called posting?
Posting
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
What are the rules for posting the cash payment journal to the ledger?
credit bank, debit all contra accounts :)
What does the medical term contra mean?
The medical prefix "contra-" means against or opposite.
What does the Latin affix contra mean?
AGAINST
What does Contra Todo mean?
against everything
What does contra mundum mean?
Against the world.
Which was not part of the Iran Contra scandal?
The Iran Contra scandal occurred in the 1980's when the United States helped Nigaraguan rebels. The Iran Contra did not disarm Iran.
What does contra on area lakes mean?
the noah weather service sometimes suggest , winds on area lake and they reffer ro contra . so what does that mean?
Can the definition of contra be not?
Contra normally means against (from Latin.) Un- is better for using to mean not (uneducated-not educated)
What does the word part contra mean?
against or opposed to
What does the latin affix contra mean in controversial?
AGAINST
What does que contra mean in spanish?
Literally: what against
What does the contra- word mean?
(This prefix is derived from the Latin word, contra)
