Contra entry?
This query is : Resolved
20 February 2009
Dear sir,
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...
Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...
Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...
20 February 2009
Dear Rekha
1. Contra Entry is required in the following cases:
a. Cash Drawn from Bank for office use.
b. Cash Deposited into Bank Account
c. Fund Transferred from One Bank Account to Another Bank Account of the same Company.
2. Cash Withdrawal - should not pass payment entry.
A. Sankaranarayana
9448144025
asankaranarayana@gmail.com
1. Contra Entry is required in the following cases:
a. Cash Drawn from Bank for office use.
b. Cash Deposited into Bank Account
c. Fund Transferred from One Bank Account to Another Bank Account of the same Company.
2. Cash Withdrawal - should not pass payment entry.
A. Sankaranarayana
9448144025
asankaranarayana@gmail.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
