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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