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Question

If a transaction involves both cash and bank account, it is entered on both sides of the cash book, one in the cash column and second in the bank column, though on opposite sides. This is called a _____________.


A
Journal entry
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B
Adjustment entry
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C
Contra entry
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D
Combined entry
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Solution

The correct option is B Contra entry
The term contra refers to the opposite side. 
Contra entries are those entries in which the same account can be debited and credited.   
In case where the transaction involves both cash and bank, it is entered on both, debit and credit side of the cash book and hence such entry is called a contra entry.

Accountancy

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