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What are contra entries? |
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Answer» A\xa0contra entry\xa0is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts....,Hope it helps.. \xa0Contra entry is a transaction which involves both cash and bank. Both debit aspect and credit aspect of a transaction get reflected in the cash book. For example:\tCash received from debtors and deposited into bank\tCash withdrawn from bank for office use |
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