what is the accounting treatment for contingent laibility?
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Answer / kishore (ciq)
There is no Accounting treatment for contingent liability
According to AS3 we have to disclose it below the balance
sheet.
But the estimation of the contingent liability is very
important as it has to known by the investors.
If you clearly known the out come of the liability then you
can make a provision.
| Is This Answer Correct ? | 18 Yes | 0 No |
Answer / satish
contingent liability is nothing but loss which is expected
in future.it is not diclosed in balance sheet it is
disclosed below the balance sheet
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / shubhansh
it is shown in liabilities side in Balance Sheet as note,
and not added.
| Is This Answer Correct ? | 1 Yes | 6 No |
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