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In dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset
an entry on the other side of an account. If a debit entry is recorded
in an account, contra entry will be recorded on the credit side and
Debit and credit aspects of a single
transaction are entered in the same account, but in different columns.
Each entry in this case is viewed as a contra entry of the
other. Remember the word contra as “Against”
For example: Cash 50,000 withdrawn for official purpose from the bank. Journal entry for this transaction will be.
The above amount is recorded in the bank column (debit) side of the double column cash book.
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Dec 13th, 2015
Cash 10,000 withdrawn for official purpose from the bank. Journal entry for this transaction will be.