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Contra entry

Radheshyam (Employee) (27 Points)

26 July 2018

sir kisi party ne cash bank m deposite karaya to ye contra entry h kya

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26 Replies

prasad Nilugal (3914 Points)
Replied 26 July 2018

yes. Contra entry

entry. will be

Bank. A/c Dr

To cash A/c Cr

( Being cash deposited in the Bank )

Rajendra Kumar Chouhan (14 Points)
Replied 26 July 2018

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 26 July 2018

No...

Contra entry available between Cash to Bank and Bank to Cash...

If you or parties directly deposit cash in bank then you ll be enter Receipt / Payment entry to Cash after enter contra entry from cash to Bank...

Sarath Rajendran (Nil) (2791 Points)
Replied 26 July 2018

If the party (debtor deposit) deposit money into the bank account Entry is Under Receipt category

Personal ( Company or the organosation) deposit and Withdrawal come under CONTRA

1 Like

prasad Nilugal (3914 Points)
Replied 26 July 2018

All cash to Bank ,, bank withdrawn from bank , cash to petty cash are treated as contra entry

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 26 July 2018

Yes agreed.

But, Party deposit cash into bank then what?

Dimple (STUDENT) (39 Points)
Replied 26 July 2018

If party deposits directly into bank then it's not a contra entry... It is receipt from party hence receipt entry would be made.

Entry would be

Party account Dr.
To Bank

And if you are using tally there is an option under bank allocation screen wherein you can show transaction type as CASH.

Hope you answer will satisfy

1 Like

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 26 July 2018

@ Dimple,

Is it bank receipts or cash receipts?

RAMESH PATEL (STUDENT) (93 Points)
Replied 26 July 2018

for receipt from party entry would be

bank Dr
to party account

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 26 July 2018

Can explain about Bank payment/ Receipts and Cash payments / Receipts....!!!

Sarath Rajendran (Nil) (2791 Points)
Replied 26 July 2018

It is wrong

prasad Nilugal ( GST Practitioner & Accounts ) (14221 Points)
Replied 26 July 2018

I am sorry I have not read the query properly or due to oversight its in Hindi , so any party or sundry debtors deposited cash directly in the bank its not contra entry

entry will be

First if we book the entry

1) Sundry debtors

To sales

(booking of entry )

When party deposit directly in the bank as per query

Bank

To sundry debtors

( Beign payment received )

So ,sorry , Its due to oversight mistake , I thought cash deposited in the bank