What is the purpose of contra entry? – InterviewSolution

1.	What is the purpose of contra entry?
Answer» Contra entry represents deposits or withdrawals of cash form bank or vice versa. The purpose of contra entry is to indicate the transactions that effect both cash and bank balances. This entry does not affect the financial positions of a business. A contra entry is recorded in both sides of receipts of payments of Cash Book and is denoted by ’C’ in the ledger folio column.

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