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A contra asset account has what type of balance? DEBIT-- CREDIT -- CONTRA -- ALL OF THE ABOVE

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Question ajoutée par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date de publication: 2015/09/12
FITAH MOHAMED
par FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

CREDIT

A contra asset is a negative asset account that offsets the balance in the asset account with which it is paired. 

 

 

mohamed Hakim CMA CPA Candidate
par mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Contra Asset  :  has Credit Balance

like Accumulated depreciation

and Allowance for doubtful accounts

 

Contra Assets Accounts deducted from Assets when reporting Balance Sheet

 

 

Sara Naeem
par Sara Naeem , Trainee Finance officer , Wah Brass Mill

Glad to see invitation from you Sir after six months :) ... your questions are good source to acknowledge myself  answer is CREDIT balance...Thank you

SYED KASHIF HUSSAIN
par SYED KASHIF HUSSAIN , INCHARGE OPERATIONS RETAIL AND CONSUMER BANKING , BANK ALFALAH LIMITED

Credit - ........................

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

Credit...................................................Thank you

Muhammad Anas Bin Fareed
par Muhammad Anas Bin Fareed , Senior Accountant , Ghoury Engineering Company

A contra asset account must have a CREDIT balance

MUHAMMED HARIS MI
par MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

I agree with all, who the answer is credit.......

Thank you

 

Ahmed Husseini CMA
par Ahmed Husseini CMA , Senior Accountant & Asst. Accounts Manager , Al Abdul Kareem

Credit .......................................... Thanks

Roger Ordoyo
par Roger Ordoyo , Finance/Accounting Manager , Abdul Latif Jameel.

Contra means its opposite of a Balance Sheet normal Balance Account.

 

Allowance for Doubtful Account - It's a Contra Asset Account(Accounts Receivables)

Treasury Stock - It's a Contra-Equity Account.

 

For that specific question its CREDIT but never be Offsetted should be shown on the face of FS or if offsetted should be disclosed on the Notes to FS.

Mohd Nadeem
par Mohd Nadeem , Senior Accountant , Alliance Prime Accounting & Tax Consultancy

contra assets account has a credit balance

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