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What is a Contra Account? Definition
A contra account is an account with a balance opposite the normal accounts in its category. Contra accounts are usually linked to specific accounts on the balance sheet and are reported as subtractions from these accounts. In other words, contra accounts are used to reduce normal accounts on the balance sheet.
Types of Contra Accounts – Explanation
There are a few different types of contra accounts in the chart of accounts. Each one is tied to their respective asset, liability, or equity account to reduce their carrying balance on the balance sheet. Here’s a list of the main types of contra accounts:
Contra Asset Account – A contra asset account is an asset that carries a credit balance and is used to decrease the balance of another asset on the balance. An example of this is accumulated depreciation. This account decreases the fixed asset carrying balance.
Contra Liability Account – A contra liability account is a liability that carries a debit balance and decreases other liabilities on the balance sheet. An example of this is a discount on bonds payable.
Contra Equity Account – A contra equity account has a debit balance and decreases a standard equity account. Treasure stock is a good example as it carries a debit balance and decreases the overall stockholders’ equity.
Example
How are Contra Accounts Used and Reported?
Take the equipment account for example. Equipment is a long-term asset account that has a debit balance. Equipment is depreciated over its useful. This depreciation is saved in a contra asset account called accumulated depreciation. The accumulated depreciation account has a credit balance and is used to reduce the carrying value of the equipment. The balance sheet would report equipment at its historical cost and then subtract the accumulated depreciation.
By reporting contra accounts on the balance sheet, users can learn even more information about the company than if the equipment was just reported at its net amount. Balance sheet readers cannot only see the actual cost of the item; they can also see how much of the asset was written off as well as estimate the remaining useful life and value of the asset.
The same is true for other asset accounts like accounts receivable. Accounts receivable is rarely reported on the balance sheet at its net amount. Instead, it is reported at its full amount with an allowance for bad debts listed below it. This shows investors how much receivables are still good. Maybe more importantly, it shows investors and creditors what percentage of receivables the company is writing off.
Here is an example of a depreciation journal entry.
Contents
- 3 Example
List of groups is used for creating ledgers category and it is the important process for creating ledgers
Gateway of Tally >Accounts Info > Group
Bank account | Bank Account |
Bank OD account | Branch/division |
Capital account | Cash in hand |
Current asset | Current liability |
Deposit | Direct expenses |
Direct income | Indirect expense |
Indirect income | Duties and tax |
Fixed asset | Investment |
Loans and advance | Loan (liability) |
Miscellaneous expenses | Provisions |
Retained earning | Reserves and surplus |
Purchase account | Sales account |
Secured loan | Stock in hand |
Sundry debtor’s | Sundry creditors |
Suspense | Unsecured account |
Tally ERP 9 : Meaning Of Accounts Group
Current Asset:
It is converted into cash within a year. Ex. Bills receivable
Direct Expenses:
These are the expenses which are directly related to manufacturing of goods.
Ex. Wages, factory rent, heating, lighting etc
Indirect Expense:
These are the expenses which are indirectly related to manufacturing of goods.
Ex. Salary, rent, stationery, advertisement, printing
Depreciation: Decrease the value of the asset.
Sundry Debtors: The person who is the receiver or customer
Sundry Creditors: The person who gives or supplier.
Expenses Outstanding or Unpaid Expenses or Expenses Due:
Expenditure incurred during current year but the amount on which is not yet paid. (Added to the expenditure on the debit side and entered on the liability side.)
Provision List In Tamil Excel 2016
Income Received in Advance or Income Received But Not Earned
Income received during the current year but not earned or a part of which relates to the next year. (Deducted form the concerned income on the credit side and entered on the liability side)
Prepaid Advance or Expenses or Prepaid Expenses
Expenditure paid during current year but not incurred or a part of which relates to the next year is called expenditure prepaid. (Deducted from the concerned expenditure on the debit side and entered on the assets side)
Income Outstanding or Income Earned But Not rRceived or Income Accrued
Gateway of Tally >Accounts Info > Ledger > Create
Ledger | Group |
Opening stock | Stock in hand |
Purchase | Purchase account |
Purchase return | Purchase account |
Fright charges | Direct expenses |
Carriage inwards or Purchases | Direct expenses |
Cartage and coolie | Direct expenses |
Octroi | Direct expenses |
Manufacturing wages | Direct expenses |
Coal, gas, water | Direct expenses |
Oil and fuel | D |
Factory rent, insurance, electricity, lighting and heating | Direct expenses |
Sales | Sales account |
Salary | Indirect expenses |
Postage and telegrams | Indirect expenses |
Telephone charges | Indirect expenses |
Rent paid | Indirect expenses |
Rates and taxes | Indirect expenses |
Insurance | Indirect expenses |
Audit fees | Indirect expenses |
Interest on bank loan | Indirect expenses |
Interest on loans paid | Indirect expenses |
Bank charges | Indirect expenses |
Legal charges | Indirect expenses |
Printing and stationery | Indirect expenses |
General expenses | Indirect expenses |
Sundry expenses | Indirect expenses |
Discount allowed | Indirect expenses |
Carriage outwards or sales | Indirect expenses |
Traveling expenses | Indirect expenses |
Advertisement | Indirect expenses |
Bad debts | Indirect expenses |
Repair renewals | Indirect expenses |
Motor expenses | Indirect expenses |
Depreciation on assets | Indirect expenses |
Interest on investment received | Indirect income |
Interest on deposit received | Indirect income |
Interest on loans received | Indirect income |
Commission received | Indirect income |
Discount received | Indirect income |
Rent received | Indirect income |
Dividend received | Indirect income |
Bad debts recovered | Indirect income |
Profit by sale of assets | Indirect income |
Sundry income | Indirect income |
Loan from others | Loan Liabilities |
Bank loan | Loan Liabilities |
Bank overdraft | Bank OD |
Bills payable | Current Liabilities |
Sundry creditors | Sundry creditors |
Mortgage loans | Secured loans |
Expense outstanding | Current Liabilities |
Income received in advance | Current Liabilities |
Other liabilities | Current Liabilities |
Capital | Capital account |
Drawings | Capital account |
Cash in hand | Cash in hand |
Cash at bank | Bank account |
Fixed deposit at bank | Deposit |
Investments | Investments |
Bills receivable | Current asset |
Sundry debtors | Sundry debtors |
Closing stock | Stock in hand |
Stock of stationery | Current asset |
Loose tools | Fixed asset |
Fixtures and fittings | Fixed asset |
Furniture | Fixed asset |
Motor vehicles | Fixed asset |
Plant and machinery | Fixed asset |
Land and building | Fixed asset |
Leasehold property | Fixed asset |
Patents | Fixed asset |
Goodwill | Fixed asset |
Prepaid expenses | Current asset |
Income outstanding | Current assset |
Provision List In Tamil Excel Spreadsheet
Trading account: Buying and selling of goods.
Dr. Receiving aspect Giving aspect Cr.
Provision List In Tamil Excel 2019
Direct expenses | Amount | Direct Income | Amount | ||
To | Opening stock | Xxx | By | Sales | xxx |
To | Purchases | Xxx | By | (-)Sales return | xxx |
To | (-)purchase return | Xxx | By | Closing stock | xxx |
To | Freight charges | Xxx | |||
To | Cartage and coolie | Xxx | |||
To | Lorry hire | Xxx | |||
To | Manufacturing expenses | Xxx | |||
To | Wages | Xxx | |||
To | Factory rent, fuel power | Xxx | |||
To | Gross profit (transfer to profit and loss account) | Xxx |
To Profit and loss account: Actual profit and loss of the business
Indirect expenses or payments | Amount | Indirect income or receipts | Amount | ||
To | Salary | xxx | By | Gross profit | xxx |
To | Postage and Telegram | xxx | By | Interest on investment received | xxx |
To | Telephone charges | xxx | By | Interest on deposit received | xxx |
To | Rent paid | xxx | By | Interest on loans received | xxx |
To | Rate and taxes | xxx | By | Discount received | xxx |
To | Insurance paid | xxx | By | Discount received | xxx |
To | Interest on bank loan | xxx | By | Rent received | xxx |
To | Bank charges | xxx | By | Bad debts received | xxx |
To | Printing and stationery | xxx | By | Net loss | xxx |
To | Discount allowed | xxx | |||
To | Advertisement | ||||
To | Carriage outward (sales) | ||||
To | Depreciation on assets | ||||
To | General expenses | ||||
To | Traveling | ||||
To | Bad debts | ||||
To | Net profit |
Provision List In Tamil Excel 2018
Balance sheet: Actual financial position
Provision List In Tamil Excel 2020
Liabilities | Amount | Assets | Amount |
Bank loan | xxx | Cash in hand | xxx |
Bank overdraft | xxx | Cash at bank | xxx |
Bills payable | xxx | Fixed deposit at bank | xxx |
Sundry creditors | xxx | Investments | xxx |
Expenses outstanding | xxx | Bills receivable | xxx |
Capital | xxx | Sundry debtors | xxx |
(1414 -)drawings | xxx | Closing stock | xxx |
Net profit | xxx | Stock of stationery | xxx |
Furniture | xxx | ||
Plant machinery | xxx | ||
Land and building | xxx | ||
Motor vehicles | xxx | ||
Prepaid expenses | xxx | ||
Income outstanding | xxx |