what is contra entry ??
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A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.
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Contra entries are those entries which take place between bank and cash. In this case when cash is deposit in bank and when cash is withdrawal for office use from the bank, both the entries are posted in easy book and Letter C is written in LF, Column so that these entries are not posted to the ledger account further.
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