If the debit and credit aspects of a transaction are recorded in the cash book it is a:

Contra entry

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Simple entry

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Double entry

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Single entry

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Solution

The correct option is A Contra entry
Option A is correct .
Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.

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Similar questions

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

Q. If the debit as well as the credit aspects of a transaction are recorded in the cash book itself, it is called ______________.

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.

Q. Credit transactions are never recorded in cash book.

Q. Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.

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If the debit and credit aspects of a transaction are recorded in the cash book it is a:

The correct option is A Contra entryOption A is correct .Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.

The correct option is A Contra entry
Option A is correct .
Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.