What do you mean by contra entry?



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And where it is used? Thanks

36 Answer(s)


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Contra Entry according to me is,

If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry'.

Usually, the contra entries will appear in the following occasions.

a. When an account is opened with a bank.
b. The firm's cash is deposited in the bank.
c. The cash is withdrawn from bank for office use.
d. The cheques received from debtors, are deposited in the bank.

In transactions a&b, the cash balance available with the firm is decreased, the cash in bank is increased. In transaction 'c', the cash in the bank is decreased and the cash in the firm is increased.

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ANY CASH/BANK RELATED TRANSACTION IS NAMED AS CONTRA ENTRY

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Any entry made two times may be called as Contra Entry. That is if I withdraw cash from my account and use for business ... I have to show in my business account as well as in my bank account. This may be called as Contra Entry

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It is better to say Contra is an adjustment entry, because it doesn't affect your Net Cash Balance.(whether cash in hand or bank, your current asset will be the same)
Following are the Transactions- to be accounted under the Contra.
* Cash deposited in the Bank,
* Cash Withdrawn from the Bank.

By Accounting Principle,

For, Cash Withdrawn from the Bank
Debit- What Comes in, - CASH
Credit- The Giver - BANK

For, Cash deposited in the Bank
DEBIT- THE RECEIVER - BANK
CREDIT- WHAT GOES OUT- CASH

NOTE:

1.Cash is the REAL A/c,
2.Bank is the PERSONAL A/c



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When cash & bank are used in to one transaction that is Contra entry


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Contra entry according to me.... Contra entry is an adjustment entry between banker and customer. It means when cust open his accout with bank and he start to do his transactions like deposits into bank, withdraw from the bank and transfer the amount from one bank account into another bank account this my be called as a contra entry....... the records both are maintaine in pass book and bank records

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contra means cash
entry means transaction

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Contra entry according to me an entry which is contarary either to debit or to credit

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WHEN WE DO TRANSACTION BY CASH OR WE TRANSFER BALANCE FROM ONE BANK A/C TO ANOTHER BANK A/C IS CALLED CONTRA ENTRY.

EG: CASH DEPOSIT/CASH WITHDRAW
TRANSFER FROM HDFC BANK A/C TO CANARA BANK A/C. ( MAY BE ANY BANK)
Oct 28 2014 05:19

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withdrawal of cash from bank for personal use ,is it contra entry ..?

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withdrawal of cash from bank for personal use ,is it contra entry ..?

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roohullah0314@yahoo.com
According to me contra entry means the entry which effect the both side of cash book. For when we deposited cash into bank there on debit side we pass the entry we debited bank acount from cash account and on credit side we credited cash account from bank acount.

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Contra is the voucher type used to enter the transactions related with transfer of funds between banks, cash withdrawals and cash deposits

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Contra is the voucher type used to enter the transactions related with transfer of funds between banks, cash withdrawals and cash deposits

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HOW TO DO CONTRA ENTRY FROM ONE BOOK TO ANOTHER BOOK?
EXAMPLE.
BOB BANK TO ICICI BANK

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As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another or one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from :
* Cash account to bank account
* Bank account to cash account
* Bank account to bank account

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one bank to another bank transfer cash and chq. means contra entries. and must one side bank a/c

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CONTRA ENTRY IS THE ENTRY WHICH DOES NOT AFFECT THE FINANCIAL STATEMENT IN ANY MANNER.

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all transaction are records in the cash book only one time and one side(debit 0r credit). but some entries records in both side in cash book same day and same time that entry called contra entry.

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Ezewiseone
AS FOR ME ANY TRANSACTION THAT TAKE PLACE BTW BANK AND CASH. E.G (1)CASH BANKED
(2)WITHDRAW CASH FROM BANK FOR BUSINESS USE

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best example:- withdrawn $ 3000 for house rent

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As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another or one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from : * Cash account to bank account.

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As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another or one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from : * Cash account to bank account.

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Any Transaction related to Cash/Bank is called contra entry

For Example :- Cash Withdraw from Bank for office use

Cash Withdraw from ATM For Office Use

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Any Transaction related to Cash/Bank is called contra entry

For Example :- Cash Withdraw from Bank for office use

Cash Withdraw from ATM For Office Use

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sir,
amount transfer OD TR to current A/c
entry plz
my Bank passbook entry
By Transfer to AMT of OD TR TO A/C

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contra entries is a transaction

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Accourding to contra, cash entires made bothe side(debit & credit ) that is called contra

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null

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In my knoledge contra entry are happen when you drawing money either in your company account at bank and or in your company cash account(capital) and intering the same cash either in your company bank account or your compani cash account (capital) respectevely.


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As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another or one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from : * Cash account to bank account. * Bank account to cash account.


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contra entry is nothing but its a accounting entry. specially use for either cash deposite in bank or cash withdraw from bank. in these, accounting entry are recorded in to both debit and credit side of cashbook is known as contra entry.


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If you have a customer who is also a supplier, you may want to offset the outstanding customer and supplier invoices. This is known as making a contra entry. You can offset the two invoices by creating a bank account specifically for the contra entry. This means when you record the invoices as being paid, it doesn’t affect your current bank account balance.

For example:

If you have an outstanding sales invoice for £200 and a purchase invoice for £150 for the same person or company, the actual amount owed to you is £50 and the contra entry amount is £150.

After you post the contra entry:

  • The outstanding amount on the sales invoice is £50.
  • The purchase invoice is fully paid.
  • Neither payments of £150 appear on your current bank account.
  • The balance on the contra entry bank account is zero.
  • When you receive the £50, you can record this against the sales invoice using your normal bank account.

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the cash and bank a/c involving in the same time , that is called contra entry


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కంట్రా ఎంట్రి అనగా ఎదురు పద్దు. అనగా బాంకులో నగదు వెసినప్పుడు లెదా బాంకు నుండి నగదును తీసినప్పుడు ఇది నగదు పుస్తకంలొ చుపిస్తారు.

 


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Contra Entry

- CASH TO BANK

- BANK TO CASH

- BANK TO BANK

- CASH TO CASH

These transactions do not affect financial statement of a organisation.