What is contra entry can anyone explain to me with example and in easy language plzz.
Prathmesh kharul
CA Foundation
★ 3K+
22-Aug-22 00:37
370
Answers (5)
Best Answer
Contra entry is a transaction which involves both cash and bank. Both debit aspect and credit aspect of a transaction get reflected in the cash book. For example: Cash received from debtors and deposited into bank.
Balachandar S
CA Inter
★ 59K+
22-Aug-22 05:37
between cash and bank accounts. For example, a company withdraws cash from the bank account to meet its daily expenses and this entry is recorded as follows: cash Account is debited while the Bank account is credited.
I hope it helps you
