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Question
Contra Voucher is used for ______.
Options
Master Entry
Withdrawal of cash from bank
Reports
Credit Purchase
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Solution
Contra Voucher is used for withdrawal of cash from bank.
Explanation:
A contra voucher is used to record cash–bank transactions, for example, cash withdrawn from the bank, cash deposited into the bank, or transfers between bank accounts (and transfers to petty cash). It’s not for purchases or reports; it simply moves funds between cash and bank accounts. For example:
- Cash withdrawn from bank - Dr Cash A/c, Cr Bank A/c;
- Cash deposited into bank - Dr Bank A/c, Cr Cash A/c.
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