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Answer the following question in one sentence: State the meaning of 'Contra entry'. - Book Keeping and Accountancy

One Line Answer

Answer the following question in one sentence:

State the meaning of 'Contra entry'.

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Solution

Certain transactions affect cash account and bank account simultaneously but with the opposite effect. They are to be recorded on both sides of the cash book. Entries of this kind of transaction are known as Contra entry.

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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 5 Subsidiary Books
Exercise Q.1 | Q 3 | Page 168
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