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How are contra entries done in the cash books?
Refer the data given below −
Transactions
Aug 1 Bank balance b/d $28000
Aug 1 Cash balance $1200
Aug 3 Paid cheque for laptop $1050
Aug 11 Cash withdrawn from bank for office use $700
Aug 13 Paid cash for paper $450
Aug 14 Banked cash sales $3800
Aug 21 Wages paid $1500
Aug 24 Cash withdrawn from bank for office use $800
Aug 26 Banked cash sales $3500
Aug 27 Paid for materials by cheque $950
Aug 29 Paid for services by cash $500
Aug 30 Wages paid by transfer $1300
Solution
The solution for contra entries in cash books, based on the above mentioned data is as follows −
DATE | Description | LF | Cash | Bank | DATE | Description | LF | Cash | Bank |
---|---|---|---|---|---|---|---|---|---|
Aug 1 | Balance b/d | 1200 | 28000 | Aug 3 | Laptop | 1050 | |||
Aug 11 | Bank | C | 700 | Aug 11 | cash | C | 700 | ||
Aug 14 | Cash sales | 3800 | Aug 13 | Paper | 450 | ||||
Aug 24 | Bank | C | 800 | Aug 21 | Wages | 1500 | |||
Aug 24 | Cash | C | 800 | ||||||
Aug 27 | Materials | 950 | |||||||
Aug 29 | Services | 500 | |||||||
Aug 30 | Wages | 1300 | |||||||
Aug 31 | Balance c/d | 1750 | 25500 | ||||||
2700 | 31800 | 2700 | 31800 |
Here, C = contra entries