Question

Which voucher type is used to transfer amount from one bank to another
A.Contra
B.Payment
C.Receipt
D.Post-Dated

Answer 1

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Option 【B】is the correct answer

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Answer 2

Contra

When we want to transfer amount from one bank to another we use the facility of Contra. Contra record is the inner change of capital which has no market effect. This indicates that cash is flowing between the accounts. Assume when a business demands to transfer funds from one bank account to different bank account, contra is must a beneficial option.