Where will Contingent liability appears? And why it is not
appear in Balance sheet?
Answer Posted / 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 |
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