Question

What is contra entry explain with example.​

Answer 1

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. Cash withdrawn from bank for office use.

Explanation:

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Answer 2

Answer:

Contra entry is a transaction which involves both cash and bank.in simple words when it effects both cash entry and bank entry.

Example: 1.when cash is deposited to bank.

2.when cash is withdrawn from the

bank.

3.when fund is transferred from one bank to another.