Capital account contra
This query is : Resolved
02 October 2013
In balance sheet on liablites side it is written "contra" against capital account balance.and a debit balance shown on asset side. I am not able to understand it.pls can u explain what this contra mean.
02 October 2013
contra enteries are done to neutralise the effect of a debit or credit entry.generally done when 2 items of same amount are appearing on both side
03 October 2013
Thank you.
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