what is contigent liability and where we shown in balance
sheet
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Answer / kiran
A contingent liability is a potential liability...it
depends on a future event occurring or not occurring. For
example, if a parent guarantees a daughter's
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Answer / ankur vora
A Contingent liability is the probation of a liability which right now is not incurred but might occur in future depending on certain future event occur or not. It is not shown in balance sheet but it is described or mentioned in annual report below the schedules to the financial statements.
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