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what do you mean by an contra entry? when such entry is made?

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تم إضافة السؤال من قبل Nasir Hussain Kumbhar , Sr.Accounting and operation manager , JUBAILI AGROTEC LTD
تاريخ النشر: 2013/09/20
Nitin Gupta, ACA
من قبل Nitin Gupta, ACA , FP&A , Rockwell Automation

Please search on google for such simple definition.

Faizan Khan
من قبل Faizan Khan , Accountant , ATCORP

Contra entry for cash withdrawal and cash deposited in Bank.

Khalid Noor
من قبل Khalid Noor , Accounting Manager , FedEx

Contra entry is passed in the following circumstnaces;

 

1. To reverse an entry already posted;

2. To correct an amount of already posted entry;

3. To reverse an expense/Income/Asset/Liability

 

 

Atul Chand
من قبل Atul Chand , Manager Finance & Administration , ipDialog India Pvt. Ltd.

Contra entry - for cash deposit or cash withdrawl from bank.

yusuf yusuf
من قبل yusuf yusuf , head incharge in the company , MS ITARSI SECURITY SERVICES

contra entry - through banks all deposit and withdrawl entries are made in contra voucher

Murtuza Lalbaugwala
من قبل Murtuza Lalbaugwala , Associate Auditor

Contra entries are passed between cash & bank a/c. either cash deposited in bank or withdrawn from bank. As this entries are not accepted in Payment or receipt vouchers in general accouting softwares.

Fraz Asmat
من قبل Fraz Asmat

The entry in which more then one things are debit or credit.

Rahul Sharma
من قبل Rahul Sharma , Project Head & Finance Manager , Rays Power Private Limited

CONTRA ENTRY IS PASSED WHEN TRANSACTION DEBITED IS ALWAYS CASH A/C OR BANK A/C AND TRANSACTION CREDITED IS ALSO BANK A/C OR CASH A/C.

EXAMPLE.

1.cASH WITHDRAWN OR DEPOSITED N BANK.

2.TRANSFER OF AMOUNT FROM ONE BANK TO ANOTHER OR VICE VERSA.

Mukkaram Siddique
من قبل Mukkaram Siddique , Finance, Management & Stocks , Amazon Foods Saudi Arabia

Contra Entry is passed to:

Reverse

Cancel

or Correct

the effects of any previously made entry in the accounts.

 

Some people say its only associated with cash or bank, I must say they are wrong.

 

In Professional accouting systems and practices, even while using softwares, correction revarsals and cancelations must not be done by edditing, delleting or what else.

Contra enty is a normal General entry, its called contra because it Reverses, Cancels or Corrects the effect.

kazim ali syed
من قبل kazim ali syed , ACCOUNTANT , QSM INDIA PVT LTD.

contra entry is made when cash deposited or withdrawn from the bank

suraj deo kumar  pandit
من قبل suraj deo kumar pandit , Sales Promoter , Dalmia Bharat Cement Limited

 payment deposit or withdrawal

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