This post will explain what a contra account is and how it works to correctly show the value of a organization’s financial statements. It will also provide examples to show the effect of contra entries. What is Contra: Contra means against. In Accounting terms, a contra account refers to an account which is balanced […]
What is CashBook & its format – Three column Cashbook
What is Cashbook: A book in which receipts and payments of money are record,using debit and credit rules. CashBook: In small business where only one person is employed for receipt and payments of cash, only one book is used for recording of cash received and paid this book is called as cash book .Every page […]