When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a

Assessment: WAEC SSCE - Financial Accounting - 2019 (Objective) Subject: Financial Accounting

Question 1 Report

When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a 

Answer Details
When the letter "C" is written in front of an entry in the folio column of a cash book, it shows that it is a contra entry. A contra entry is a type of transaction in accounting that involves two accounts. In this type of entry, the debit and credit entries cancel each other out, resulting in a net effect of zero. In other words, if you were to add up the two entries, the total would be zero. This type of entry is used when money is transferred from one account to another, such as when you transfer money from your checking account to your savings account.
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