Question

What is Contra Entry? Explain with proper Example.

Answer 1

Explanation:

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.

A major example of a contra account is the accumulated depreciation. Again, accumulated depreciation reduced fixed and capital asset balances. Apple breaks out its amount of property, plant, and equipment (PP&E) and then lists its accumulated deprecation that reduces the PP&E figure

Answer 2

Answer:

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 thes are transcations that are recorded between cash and bank account . From example - Cash received from debtors and deposited into bank .Cash withdrawn from bank for office use.

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