Question

tell me what is meant by Contra entries
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Answer 1

Answer:

Contra entry has no ultimate affect in the business. When a contra entry is made, the affect is transferred from one account to another.But no result is created in the business. For example when cash is deposited to bank, It is just moving of fund (current asset) from cash account to bank account.

Answer 2

Explanation:

As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another or one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from : * Cash account to bank account. * Bank account to cash account

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