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If a transaction says started a business with cash 80000 Rands in bank is it a contra entry?​
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If a transaction says started a business with cash 80000 Rands in bank is it a contra entry?​

User Ahi Tuna
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1 Answer

4 votes

Answer:

yes

Step-by-step explanation:

because, Contra entries are those entries in which same account can be debited and credited in contrary situation. For example we debit Bank account when depositing cash.At the same time we credit bank account when withdrawing money from bank.

User Michael Lucas
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