An entry recorded on both sides of cash Book is known as _______ entry.

Opening

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Rectifying

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Transfer

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Contra

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Solution

The correct option is D Contra
An entry which is made on both sides of a cash book is called Contra entry.
In the dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. .

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Similar questions

Q. Transaction recorded both on debit and credit side of cash book is known as contra entry.

An entry which is made on both sides of a cash book is called ___.

Q. Entry which is to be recorded on the receipt side as well as payment side of cash book _____________.

Q. Select the most appropriate alternatives from those given below :

An entry recorded on both sides of cash book is known as ________ entry.
a) opening
b) rectifying
c) transfer
d) contra.

State whether the following statements are TRUE or FALSE :

1. Total of payments side can be greater than total of receipts side in case of bank column.
2. Purchase of asset or stationery on credit is recorded in purchase book.
3. When goods are returned by buyer to seller, buyer sends a debit note.
4. Cheque received and deposited into bank on the same day is a contra entry.
5. Simple petty cash book is not very popular.
6. Interest on overdraft charged by bank is recorded in the cash column.
7. It is not necessary to record dishonor of cheques in the cash book.
8. Cheque book facility is available for fixed deposit account.
9. Businessman generally operates savings bank account.
10. A cash book is both a journal as well as ledger.
11. Cash book is a book of original entry.
12. Cash discount allowed is recorded on the debit side of cash book
13. Credit transactions are never recorded in cash book.
14. Endorsed cheques are always recorded on the payment side in the bank column.
15. A person who endorses the cheque is known as endorser.

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An entry recorded on both sides of cash Book is known as _______ entry.

The correct option is D ContraAn entry which is made on both sides of a cash book is called Contra entry. In the dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. .

The correct option is D Contra
An entry which is made on both sides of a cash book is called Contra entry.
In the dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. .