It is better to say Contra is an adjustment entry, because it doesn't affect your Net Cash Balance.(whether cash in hand or bank, your current asset will be the same)
Following are the Transactions- to be accounted under the Contra.
* Cash deposited in the Bank,
* Cash Withdrawn from the Bank.
By Accounting Principle,
For, Cash Withdrawn from the Bank
Debit- What Comes in, - CASH
Credit- The Givert - BANK
fOR, Cash deposited in the Bank
DEBIT- THE RECEIVER - BANK
CREDIT- WHAT GOES OUT- CASH
1.Cash is the REAL A/c,
2.Bank is the PERSONAL A/c