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what is contingent liabilty, how it shows in balance sheet?
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Contingent liability is a liability. The liability depands
upon the Future Judgement. Contingent liability amount
shows in Balance Sheet as Foot note.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / suresh jankar
Contingent liablity is contingnet in nature and is largely
depend upoun the outcome of future event . It the outcome
of future event will going the confirm the liablity then it
would prudence practice to recognise the same in the books
and otherwise only notes is require to be given in notes to
accounts .
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / sat
Contingent liability is nothing but,
A liability which "may or may not arise" in future.
It shown in foot note of the balance sheet as they are not affecting the liability.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / hemant
contingent liablities means in future might be company face
like that expense so we understood like a reserve of risk
cover
so As a outstanding we show in liabilites
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / barodianbuddy(acca)
A contingent liability: a possible obligation depending on whether some uncertain future event occurs
According to IAS 37
Recognition of provision for contingent liability
Virtually certain ( > 95% ) - provide
Probable ( 50% to 95%) - provide
Possible ( 5% to 50% )- disclose by note
Remote ( < 5% )- no disclosure
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