Which two accounts are involved in 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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ᴀ ᴄᴏɴᴛʀᴀ ᴇɴᴛʀʏ ɪs ʀᴇᴄᴏʀᴅᴇᴅ ᴡʜᴇɴ ᴛʜᴇ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ᴀғғᴇᴄᴛ ᴛʜᴇ sᴀᴍᴇ ᴘᴀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ ᴀɴᴅ ʀᴇsᴜʟᴛɪɴɢ ɪɴ ᴀ ɴᴇᴛ ᴢᴇʀᴏ ᴇғғᴇᴄᴛ ᴛᴏ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ. ᴛʜᴇsᴇ ᴀʀᴇ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴛʜᴀᴛ ᴀʀᴇ ʀᴇᴄᴏʀᴅᴇᴅ ʙᴇᴛᴡᴇᴇɴ ᴄᴀsʜ ᴀɴᴅ ʙᴀɴᴋ ᴀᴄᴄᴏᴜɴᴛs.❤
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