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What is Contigent Liability?
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Answer / sricharan babu m
It is obligation which may or may not occuar in future.
Here we not keeping any amount separetly for that
obligation. it will disclose undet foot note in the
financial statements.
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / sivanarayana.sana
This are the not real liability. which may or may not be payable in the future
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / meena
Contingent liability is the possible liability that existence of which will be confirmed by the occurrence of one or more uncertain future events..
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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CONTIGENT LIABILITYES
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What is the use of final account?
Audit 
