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hi this is priya. what is contigant liability and where we
can take it in balance sheet i mean under which head
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Answer Posted / sakthivel.s
Hi priya & Madhu this is sakthi.
In my personal point of view contigent liability is the
liability which may or may not occur.
To be more clear on this one your are giving bank surity to
your friend, it will be reflect in your books as contigent
liability. if your firend repays the bank loan without any
defaults then that liability will not affect you. If he
fails to repay the amount you are the one suppose to repay
that loan. So at that point of time that loan will be
liability for you. This liability is said to be as
contigent liability.
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