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WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
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Answer Posted / ravindra
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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