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.
credit bank, debit all contra accounts :)
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.
Posting is recording in the ladgers information from journal. Posting is always from journal.
Posting
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.
credit bank, debit all contra accounts :)
The medical prefix "contra-" means against or opposite.
AGAINST
against everything
Against the world.
The Iran Contra scandal occurred in the 1980's when the United States helped Nigaraguan rebels. The Iran Contra did not disarm Iran.
the noah weather service sometimes suggest , winds on area lake and they reffer ro contra . so what does that mean?
Contra normally means against (from Latin.) Un- is better for using to mean not (uneducated-not educated)
against or opposed to
AGAINST
Literally: what against
(This prefix is derived from the Latin word, contra)