Question

what do u mean by contra entry?​

Answer 1

Answer:

Hey Mate!!

Here is your answer

Contra entry is an adjustment entry between banker and customer. It means when cust open his accout with bank and he start to do his transactions like deposits into bank, withdraw from the bank and transfer the amount from one bank account into another bank account this my be called as a contra entry.

Answer 2

Answer:

Contra entries are those entries in which same account can be debited and credited in contrary situation. For example we debit Bank account when depositing cash.At the same time we credit bank account when withdrawing money from bank.