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an entry made in the opposite side of an account to offset an earlier entry, for example, a debit against a credit
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoAll cash and bank inter-related transaction records in Contra Voucher
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What is an entry-level position for someone with an interest in economics?
The primary responsibilities in entry-level positions are the collection, adaptation, and preparation of data.
5 Describe the characteristics of an oligopoly market structure?
differentiated product only no entry either homogeneous or differentiated product difficult entry
What are the characteristic of a monopoly?
low barriers to entry
Do kogi state university give jamb direct entry admission?
yes kogi state give direct entry admission for social and admin student
What are the main sources of market imperfection?
1.cost of production 2.barriers to entry it is 3 types a.legal instruction b.high cost of entry c.advertisement and product differentiation
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
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 In double entry system when bank and cash transcations are occured with each as cash deposit/withdrawn.
Why contra entry passed for cash deposit and cash with drawls?
withdraw and deposit entry
Is cash sales banked immediately a contra entry?
YesBecause the entry deals with both cash and bank
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.
How to record a contra entry in tally 7.2?
took all cash and put in back except 2000
What kinds of journal entries of when cash withdraw from bank?
This kind of journal entry is called contra entry in which at both sides that is at debit side and credit side cash or bank is used.
Which type of voucher entry can be done by suing f4 button?
Contra - Cash withdrawal from Bank or Cash deposited to Bank
What is a contra entry in the sales ledger control account?
A contra entry occurs when one business both buys goods from, and sells goods to, one other business. Rather than making a payment for the full amount owed, and receiving a payment for the full amount due, only the difference between the two amounts actually exchanges hands; this is known as contra accounting. The contra entry is shown as follows: The first business has a debit entry in the sales ledger and a credit entry in the purchases ledger to the second business. The smaller of the two accounts (the debtor account and the creditor account of the same trader) is taken and posted to the opposite side of each respective amount, so that there is a credit entry in the sales ledger and a debit entry in the purchases ledger. (The amount posted to both accounts is actually the contra.) This will effectively close the account with the smaller amount leaving the trader either a debtor or a creditor to the other business. The amount that the trader either still owes or is owed is the larger of the accounts minus the smaller transferred amount. It can happen, in very rare cases, that a contra closes both the credit and the debit account if both the amount owed and the amount owing are exactly the same size.
