Interested to Buy Any Domain ? << Click Here >> for more details...
Where will Contingent liability appears? And why it is not
appear in Balance sheet?
- 4 Answers
- 23335 Views
- ACS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ravi
Contingent Liabilities are doesn't shown in the balance
sheet, it should shown as note under balance sheet, this
liabilities are may be payable or may not be payable, ex:
BGs, LC, liability pending in the court those expenses
maybe payable are maynot be payable
| Is This Answer Correct ? | 36 Yes | 3 No |
Contingent liability does not appear in the balance sheet.
It is written as a note under the balance sheet because
contingent liabilities are those liability which may or may
not be incurred depending on the future outcome. For Ex:
Loss by fire, theft etc...
| Is This Answer Correct ? | 25 Yes | 6 No |
Answer / murali royal
It's a liability which may or may not happen in future depending on happening of uncertain events. It wont appear in Balance sheet. But we should mention under the b/s as foot note. Because, as per the convention of disclosure we have to disclose all the information in the financial statements.
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / barodianbuddy(acca)
A contingent liability: a possible obligation depending on whether some uncertain future event occurs
According to IAS 37
Recognition of provision for contingent liability
Virtually certain ( > 95% ) - provide
Probable ( 50% to 95%) - provide
Possible ( 5% to 50% )- disclose by note
Remote ( < 5% )- no disclosure
| Is This Answer Correct ? | 1 Yes | 0 No |
What is mean by Journalising ?
13 Answers Capital IQ, Su Kam,
What is the meaning of capital profite and capital reciet? both are same or any different are there?
What do you mean by custodian/Depository, & what are the different types of Depository? (NSDL/CDSL)
What is the difference between straight line depriciation method and written down value method?
6 Answers Deloitte, Sky n Sea Cargo,
How do you set the increment point in appraisal of salaries. It becomes so difficult for the employer to hear again and again about increment
what is the difference between finacial account and other account?
expand B C T T
Define elaborately what is DIVIDEND
Ramana deposited directly in our Andhra Bank towards deposit for DealershipRs 15000/-Pass entry
what do u mean by comparative budget?
What is Financial?
Capital secure should be shown in which side of the balance sheet???
Audit 
