Multiple choice

Which of the following is/are contra entry transaction(s)?

  1. Cash deposited into bank credited from cash book

  2. Cash received from debtors, but deposited into bank on the next day

  3. Cash withdrawn from bank for office use

  4. Cash withdrawn from bank for personal use

  5. 1, 2 and 3
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

Cash deposited into bank credited from cash book, cash received from debtors, but deposited into bank on the next day and cash withdrawn from bank for office use are contra entry transactions.

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