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 In double entry system when bank and cash transcations are occured with each as cash deposit/withdrawn.

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13y ago

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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 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 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.


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


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 is and example of a contra?

nobody knows...


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 the general journal entry for cash deposit?

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


How to record a contra entry in tally 7.2?

took all cash and put in back except 2000


Example of Contra-Asset Account?

Accumulated Depreciation