Good Afternoon,
Please let us know Where all Contra entries are possible? Especially in the following:
1. Between the Banks of ONE's Books. ( Say funds transfer from one bank to the other bank A/c. )
Manjunath R.M. (CA Article) (28 Points)
27 January 2009Good Afternoon,
Please let us know Where all Contra entries are possible? Especially in the following:
1. Between the Banks of ONE's Books. ( Say funds transfer from one bank to the other bank A/c. )
lokeshlovi
(C.A.student)
(49 Points)
Replied 27 January 2009
yes dis type of contra entry is possible...d funds may transfer from 1 bank to another.......
Ahmed
(Accounts)
(77 Points)
Replied 04 February 2009
hi dear,
trnasfer from 1 bank to another bank in this case u can contra and other case, if cash draw from bank for office use and cash deposited in to bank that is contra but cash draw from bank for personal use its expenses
For further details , I will be more than glad to do the needful.
Md Zoheb Khan
(Sr. Asst. Manager)
(279 Points)
Replied 07 February 2009
Eg Amount transfered from BANK X to BANK Y
BANK Y a/c .........Dr
To BANK X a/c
PLZ ask for further query
lokeshlovi
(C.A.student)
(49 Points)
Replied 08 February 2009
when cash withdrawn for personal use capital a/c should be debited coz it is take way money frm business n credited to bank a/c to reduce bank balance...usng business money for personal use cant be an expense....
entries----
capital a/c dr
To bank a/c
What is the reason for confusion
Its simople and a\you all know that with out passing any entry you don't update the bank. and its upon you to whats type of voucher used. but entry will be same in any type of voucher. Regarding the withdrawal from bank for personal use you have to make first entry for withdrawal bcoz the bank is in name of the firm and the cash came in business. After making entry for withdrawal you can debit the drawings or expenses account.
>>Rajesh
Bipul
(Accountant)
(38 Points)
Replied 24 February 2009
Hi.....
Basically We do contra entry in following sitution.
1. Cash to Bank. 2. Bank to Bank 3. Cheque received but not present in Bank 4. Cash withdraw for official use. etc.
Bipul
(Accountant)
(38 Points)
Replied 24 February 2009
Hi.....
Basically We do contra entry in following sitution.
1. Cash to Bank. 2. Bank to Bank 3. Cheque received but not present in Bank 4. Cash withdraw for official use. etc.
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 28 March 2009
BIPULS EXPLANATION IS CORRECT
santosh kumar mahato
(Accountant)
(21 Points)
Replied 16 July 2010
in my view contra entry is used only cash & bank transtion because contra entry effected two ledger one cash book & another bank Book. any entry which is effected two book they are contra entry
vivek
(CA)
(74 Points)
Replied 16 July 2010
CONTRA ENTRY POSSIBLE ONLY IN THE FOLLOWING CASES
1. BANK TO BANK TRANSFER
2. CASH DEPOSITED INTO THE BANK
3. CASH WITHDRAWL FROM THE BANK
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 31 May 2013
cash withdrawn for particular expense(Rs.3000),should I use contra or payment voucher? |
b.t.malliarjunarao
(Accountant)
(68 Points)
Replied 12 August 2014
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