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A double entry for a transaction that offsets one amount against another on both sides...

Accounts - Principles of Accounts
JAMB 2023

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

  • A. original entry
  • B. contract entry
  • C. prime entry
  • D. contra entry
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Correct Answer: Option D
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Contra entry shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use.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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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