1
Question
What Is The Purpose Of Contra Entry
What Is The Purpose Of Contra Entry
Open in App
Solution
The entries which take place between bank and cash are termed as contra entries.
In contra entries, the deposited cash in the bank and cash withdrawal for office use from the bank, both the entries are posted in the cash book and letter C is written in Jf(Journal Folio) column so that these entries are not assigned to the ledger account further.
Explore more such questions and answers at BYJU’S.
The entries which take place between bank and cash are termed as contra entries.
In contra entries, the deposited cash in the bank and cash withdrawal for office use from the bank, both the entries are posted in the cash book and letter C is written in Jf(Journal Folio) column so that these entries are not assigned to the ledger account further.
Explore more such questions and answers at BYJU’S.
Suggest Corrections
1
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
