Question

Write Three conditions when contra entry passed in double column cash book​

Answer 1

Explanation:

Recording bank transactions:

When a check is received and the same is deposited into the bank account on the same date, the amount of the check is entered in the bank column on the debit side.

When a check is received and the same is not deposited into the bank on the same date, the amount of the check is entered in the cash column, not in the bank column.

When a check received from a receivable on a date subsequent to its receipt is deposited into the bank account, the entry is made in the bank column on the debit side and in the cash column on credit side. It is called a contra entry.

When a check is issued, the amount of the check is entered in the bank column on the credit side.

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