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CONTIGENT LIABILITYES
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Answer / swetha
It is a liability which comes into existence on the
happening of an uncertain event.
| Is This Answer Correct ? | 47 Yes | 0 No |
Answer / chukka
It is Liability which were we had not expected generally.
| Is This Answer Correct ? | 18 Yes | 5 No |
Answer / arvind singh
Contingent liabilities are those types of liabilities which
occurrence is depend upon happening of any event in
future.EXAMPLE LIKE
A SUIT IS FILED AGAINST M/S A DUE TO THE CHARGE THAT THEY
USE THE COPY WRIGHT OF /MS B.SO,THE RESULT OF CASE
DETERMINE THAT WEATHER M/S A HAVE FEEL NEED TO PAY ANY
PENALTY TO COURT OR NOT.
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / vandana gupta
any liabilities whose occurence depends on happening of
uncertain future events
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / suhail sharma
CONTIGENT LIABILITY is a liability which may or may not be
happen, it depends upon some future event. If the debtor is
not able to pay to creditor than there is a liabilty of a
guaranter that the creditor must be paid. Its calles
contigent liabilty
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / veera prathap reddy
which liability may happen or may not happen in future is
called contigent liability
example: guarentees
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / srikantpatnaik
Contingent liability is a probable liability. It means it is
not an actual liability so this item is not shown in Balance
Sheet. rather it is an anticipation of a probable liability
due to certain situations like legal cases pending in court
against the entity and if it goes against the entity then it
may have to pay compensation to the plaintiff.
The entity needs to provide the expected outflow of cash in
case of verdict against it in the footnotes(notes to the
accounts) of the financial statements.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / vengal rao
Contingent liabilities are possible future liabilities that
will only become certain on the occurrence of some future
event. A contingent liability is less certain than a
provision: the latter is expected to occur, a contingent
liability might occur.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / krishnakumar
The liablities which may or may not arises in future is
called contingent liablities.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / deepak n. kolekar
A liability which cannot be present in the balance sheet
but may occur in future with any contingencies.
| Is This Answer Correct ? | 4 Yes | 3 No |
(a) Rajesh Ltd. gives you the following information for the year ended 31st March, 2006: (i) Sales for the year Rs. 48, 00, 000. The Company sold goods for cash only. (ii) Cost of goods sold was 75% of sales. (iii) Closing inventory was higher than opening inventory by Rs.50,000. (iv) Trade creditors on 31.3.2006 exceed the outstanding on 31-3.2005 by Rs. 1, 00, 000. (v) Tax paid during the year amounts to Rs. 1, 50, 000. (vi) Amounts paid to Trade creditors during the year Rs. 35, 50, 000. (vii) Administrative and Selling expenses paid Rs. 3, 60, 000. (viii)One new machinery was acquired in December, 2005 for Rs. 6, 00, 000. (ix)Dividend paid during the year Rs. 1,20, 000. (x)Cash in hand and at Bank on 31.3.2006 Rs. 70, 000. (xi) Cash in hand and at Bank on 1. 4.2005 Rs. 50, 000. Prepare Cash Flow Statement for the year ended 31.3.2006 as per the prescribed Accounting Standard. (b) Define the teen "Operating Activities", "Investment Activities" and "Financing Activities" as per NA S-3 Send me this question answer in my mail Address please help me to how solve the question ( deepakgaire@gmail.com) plese plese
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