Answer / payal gupta

Liability that may or may not be incurred by an entity
depending on the outcome of a future event.

Answer / h.r. sreepada bhagi

Liability that may arise after the Balance Sheet date due to
happening or not-happening of an event. This need not be
shown in the Balance sheet,a s quantification may not be
possible, but needs to be shown in the Notes to Accounts.
Example : Guarantee given to a third part borrowing, Suits
pending in courts of law, etc.

Answer / suri

Contingent liability may be defined 'A possible obligation
that arises from past event whose existance will be
confirmed only after occurence or non-occurence of one or
more uncertain future events.
or
either outflow of resources to settle obligation is not
probable or the amount can not be expected to settle
liability with sufficient reliability are called contigent
liability

Answer / chandu

Contingent Liability nothing but liability It will occures Uncertain future events like product warranty, court cases ..

if company give the purchase order worth of 10,000 (INR) in advance, but the seller only sell around 8,000 (INR)and remain ing Rs 2000 return to the company, so how to deal with this scenario in accounts payable in oracle, can u hide to me

0 Answers  

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where is entry done in tally of cheque bounce ???? Journal, Payment, Receipt, Contra

2 Answers  

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How to make balance sheet, please advise me in details... Thankx

1 Answers  

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How do you deal with a dishonoured cheque in the client trust account records. Manual or computer system?

1 Answers  

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what will be the entry for inventory

0 Answers   Accenture,

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Here is a question i was asked below is the scenario need to enter journal entrries for both accounting system Cash and Accrual :- 1) Landlord A/c 2) Tenant A/c 3) Bills Receivable A/c 4) Cash A/c 5) Bank A/c Situation:- 1) Bill is created. 2) Bill is sen to the tenant, journal entry =? 3) Cash is received from the tenant, journal entry=? 4) Receipt is created. 5) Receipt is sent to the tenat, journal entry=? Its urgent, please help.

2 Answers  

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on 01/04/2009 Goods sold to Mr."A' on Credit at $ 1000. Exchange Rate :- 01/04/2009..........$50.00 at payment Date Exchange Rate :- 01/05/2009..........$48.00 What is Journal Entry..?

2 Answers   GTS,

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RPC Ltd. follows the written down value method of depreciating machinery year after year due to (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above

0 Answers  

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Closing entries of P&L account

1 Answers  

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what is the outcome of trading and profit and loss account

1 Answers  

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what is basic general accounting.

0 Answers   Genpact, Helios Pharmaceuticals,

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DIFFERNCE BETWEEN RESERVE AND FUND?

2 Answers   Genpact,

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