What is the meaning of Contingent Liability? Where is it
shown in the Balance Sheet?
Answers were Sorted based on User's Feedback
Answer / manojs
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
Is This Answer Correct ? | 24 Yes | 3 No |
Answer / muhammed noushad
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
Is This Answer Correct ? | 9 Yes | 0 No |
Answer / sukanya reddy
contingent liabilities are those liabilities which may or
may not happen. they are contingent or dependant on future
event, which may or may not happen. example is lawsuit or a
legal proceeding. They are not reported as a liability in
the balance sheet. if it is significant it will be reported
into the notes to accounts in the financial statements.
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ajay kumar
Contingent Liability to be shown in the balance sheet on the
liability side that is one of the liability in the company
Is This Answer Correct ? | 14 Yes | 19 No |
Answer / raman kumar
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
Is This Answer Correct ? | 11 Yes | 17 No |
WHAT IS THE CASH CREDIT AND LETTER OF CREDIT?
Short Answer on __________written Down value
AT THE TIME OF REDEMPTION OF DEBENTURES. WHEN THERE IS PROFIT/LOSS ON SALE OF DEBENTURES WE TRANSFER THAT AMOUNT IN PROFIT AND LOSS A/C BUT WHEN WE CANCEL OUR DEBENTURES AFTER BUYING IT FROM OPEN MARKET THE DIFFERENCE BETWEEN MARKET VALUE AND COST OF DEBENTURES TRANSFER TO "CAPITAL RESERVE ACCOUNT .. WHY SO ANY PRACTICAL ANSWER ??
WHAT ARE LIMITATIONS OF ACCOUNTS ?
Define capital
hi guys, pls refer me how to preppare for Indian Bank exams.
If I purchased a machinary of Rs. 50,000 and Received a free printer of Rs. 3000 . What its Accounting entry?
what is the use of activity based costing, process costing, product costing, what are the steps followed for the same
what is a security?
I NEED RS.100 CHANGE BUT I DON,T WANT RS.10 AND I WANT ONLY 6 NOTES.
what are the acccounting standards ?
Expand MNS