Why contra entry in tally both account are debit?

- Newsfeed
- Find People
- More
- - Products By Bayt.com
    
    Bayt.com
    
    Shagheel
    
    Specialities
    
    Learning
    
    Companies
    
    Salaries
    
    People
    
    Blog
- - العربية
- Use Our Mobile App
  
  Get contacted by recruiters directly with our newest chat feature!
  
  Download Now

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Next Question:
What is contra entry?
Posted by:
Vrushali Dixit Dixit
10-September-2017

Question added by emma abe
Date Posted: 2016/02/11

Upvote (0) Views (1) Followers (1) Answers (1) Report Question

Write an Answer
Register now or log in to answer.

1 Answers

MOHAMMED SHAMNAS SHAMSUDEEN

by MOHAMMED SHAMNAS SHAMSUDEEN , ASSISTANT ACCOUNTANT , MAHESH TAYYOOR

NO ONE ACCOUNT IS CREDITED AND THE OTHER IS DEBITED

Upvote (0)

Downvote Reply () Report

Popular Searches

Engineers Jobs Sales Executive Jobs Software Engineer Jobs Accountant Jobs Sales Manager Jobs

Write Your Answer

More Questions Like This

The basic sequence in the accounting process can best be described as, please select one option from given below?
Top Answer: Transaction→source document→journal entry→ledger account→trial balance. ... See More

Answers (4)
In Accounting "Contra Entry" Used to reverse between Cash and Bank only? If "No" then why itis in Tally only for Cash and Bank Transaction only.
Top Answer: As per the Accounting Principles, a Contra entry is a transaction involving transfer of one cash/ bank ac ... See More

Answers (3)
What is the normal balance for contra asset accounts? Debit or Credit?
Top Answer: contra asset accounts should be a credit See More

Answers (4)
What do you mean by an contra entry? when such entry is made?
Top Answer: <p>Please search on google for such simple definition.</p> See More

Answers (20)