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CBSE Class 11-commerce Answered

Which transaction is referred to as contra entry?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

Expert Answer

Contra 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. In the ledger folio column of the cash book, letter ‘C’ is written to indicate a contra entry. These transactions are recorded in the cash book but are not posted in the ledgers.

Answered by | 08 Jul, 2016, 11:51: AM

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CBSE 11-commerce - Accountancy Part I

To which side of the ledger accounts are the transactions in the receipt side of the cash book posted?

Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM

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CBSE 11-commerce - Accountancy Part I

Record the following transactions in Simple Cash Books of Harsh Traders for the month January 2015. 1: Cash in hand Rs. 20,000. 3: Received cash on account from Raj Rs.5,000. 6: Purchased machinery Rs.8000. 9: Insurance premium paid Rs.2,500. 12: Sold goods for cash Rs.10,000. 13: Received commission Rs.2,000. 15: Purchased postal stamps Rs.500. 18: Purchased goods for cash from Omkar Brothers Rs.1,600. 23: Cash paid to Paras Rs.3,000 on account. 26: Paid rent Rs.4,500. 28: Sold old furniture Rs.3,000. 29: Deposited into bank Rs.1,800. 31: Paid salary to office staff Rs.6,000.

Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM

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CBSE 11-commerce - Accountancy Part I

Record the following transactions of Mr. Kaushal in a cash book with cash and bank columns for the month October 2015. 1: Cash Balance Rs.35,000; Bank Balance Rs.22,000. 5: Paid for printing and stationery Rs.9,400. 8: Cash sales Rs.25,000. 9: Cash purchases Rs.28,000. 10: Deposited cash into bank Rs.3,000. 12: Withdrew from bank for personal use Rs.2,500. 14: Received bearer cheque from Arjun in full and final settlement Rs.7,700 and deposited same into bank. 16: Withdrew from bank for office use Rs.7,000. 18: Received cash from Sahil on account Rs.6,500. 21: Received bearer cheque from Akhil Rs.4,500. 22: Paid legal charges Rs.2,300 by cheque. 24: Paid for carriage Rs.500. 28: Cheque received from Akhil deposited into bank for collection. 31: Paid telephone bill Rs.2,000.

Asked by Topperlearning User | 04 Jul, 2016, 08:56: AM

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CBSE 11-commerce - Accountancy Part I

What is a cash book?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

What are the different types of cash book?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

Which transaction is referred to as contra entry?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

Why does cash column of cash book always shows debit balance?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

Can bank column of a cash book show credit balance?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

Which transactions are recorded in the cash book?

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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CBSE 11-commerce - Accountancy Part I

Give two examples of contra entries.

Asked by Topperlearning User | 08 Jul, 2016, 09:51: AM

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