INTERVIEW QUESTIONS ACCOUNTING PROCESS CASH BOOKS DETAILS

Question: Where two aspects of a transaction are posted in the Cash Book, such an entry is called: a) Double Entry b) Debit Entry c) Credit Entry d) Contra Entry

Answer: (d) Contra Entry
Description: Where two aspects of a transaction are posted in the cash book, such an entry is called contra entry. Thus contra entry is an entry involving cash and bank as debit and credit items.
Example:
Cash A/c Dr. 6,000
To Bank A/c 6,000
(Being cash withdrawn from bank)
Bank A/c Dr. 6,000
To Cash A/c 6,000
(Being cash deposited in the bank)

(d) Contra Entry
Description: Where two aspects of a transaction are posted in the cash book, such an entry is called contra entry. Thus contra entry is an entry involving cash and bank as debit and credit items.
Example:
Cash A/c Dr. 6,000
To Bank A/c 6,000
(Being cash withdrawn from bank)
Bank A/c Dr. 6,000
To Cash A/c 6,000
(Being cash deposited in the bank) Source: CoolInterview.com

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