Contingent Liabilities are doesn't shown in the balance 
sheet, it should shown as note under balance sheet, this 
liabilities are may be payable or may not be payable, ex: 
BGs, LC, liability pending in the court those expenses 
maybe payable are maynot be payable

Contingent liability does not appear in the balance sheet. 
It is written as a note under the balance sheet because 
contingent liabilities are those liability which may or may 
not be incurred depending on the future outcome. For Ex: 
Loss by fire, theft etc...

It's a liability which may or may not happen in future depending on happening of uncertain events. It wont appear in Balance sheet. But we should mention under the b/s as foot note. Because, as per the convention of disclosure we have to disclose all the information in the financial statements.