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...
CA. B.SRINIVASULU
(Expert)
20 February 2009
There should be a control in the organisation when you withdraw or deposit cash. If you pass through payment it will mingle with other transactions and chances of forgery is there.
To have effective control of the cash you should compulsority pass through contra.
To have effective control of the cash you should compulsority pass through contra.
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
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
