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What is the normal balance for contra asset accounts?

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Question added by Imdad Hussain Rajput , Assistant Sales Manager , Forego
Date Posted: 2015/08/04
PAVI K S
by PAVI K S , ACCOUNTANT , RAMANATTU MOTOR CORP CHERTHALA

(A debit balance in a contra asset account will violate the cost principle.) Since a credit balance in an asset account is contrary to the normal or expected debitbalance the account is referred to as a contra asset account. The most commoncontra asset account is Accumulated Depreciation.

Ahmer Zamir
by Ahmer Zamir , Consultant , Saleem Associates & Co

The option2) credit is the correct option 

Mehboob Ali Laghari
by Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union

Option2 is right answer..............

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