Question

write a transaction for which contra entry is done​

Answer 1

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. These are transactions that are recorded between cash and bank accounts.

Answer 2

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.

As illustrated in the above image, the following is the list of contra transactions: Cash account to Bank account. Bank account to Cash account. Bank account to Bank account.

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