WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
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Answer / s.srinu
Contingent liability is a liability which defends upon
occurance & non occurance of some future event is called
as continngent liability same like that for contingent
asset also
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Answer / h.r. sreepada bhagi
Contingent Liability refers to a liability that may arise in
future on the happening or otherwise of a contingent event.
For example guarantee given in favor of a third party. The
guarantor company has to pay it in the event of the
borrower's failure to pay it to the lender on due date as
per the terms of agreement. There needs to be note about it
in the Annual Financial Statements.
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contingent asset is nothing but it is an asset which will be
giving benefit in future years
eg - given an add result will receive in future
contingent liability in simple word we can say it might be
neither asset nor liability . The decession may be in
favour of you or not if it is in favour of you it is an
asset if not it is an liability
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Answer / jaspreet kaur rana
contingent assets are those assets in which the possibilities of economic benefits depends solely upon the future events,that can not be placed in balance sheet .however they can be found in companies financial statements.n on the other hand contingent liabilities are those which may or may not arise in the future.
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