Rs.20,000 withdrawn from State Bank. In which voucher type this transaction will be recorded

A. Payment

B. Receipt

C. Contra

D. Post-Dated

Answer: Option C

Solution(By Examveda Team)

As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Bank / Cash account to another Bank / Cash account, Cash Deposit / Withdrawals into/from Bank.
Contra voucher type is used in tally to withdraw amount from bank.
Go to Gateway of Tally > Accounting Vouchers > Select F4: Contra from the Button Bar or press F4 .