JAMB - Accounts Principles Of Accounts (2023 - No. 29)
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
original entry
contract entry
prime entry
contra entry
Explanation
Contra entry shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use. Contra entries affect both cash and bank accounts.
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