what are contra entries?
Hi Manas,
Contra entries are nothing but entries which affect both cash and bank accounts with the same amounts simultaneously. For example, cash deposited into bank and cash withdrawn from bank (for office use) are the two main contra entries that you will come across in Grade-XI.
Contra entries are nothing but entries which affect both cash and bank accounts with the same amounts simultaneously. For example, cash deposited into bank and cash withdrawn from bank (for office use) are the two main contra entries that you will come across in Grade-XI.