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Answer Posted / jeevan
Contingent liabilities that may or may not be incurred by an entity depending on the outcome of a future event such as a court case. These liabilities are recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable. A footnote to the balance sheet describes the nature and extent of the contingent liabilities.
Examples
outstanding lawsuits
Accounts payable-Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet.
Liability
Liquidated damages
Tort-ort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations.
Bills Discounted with bank
Unliquidated damages-Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
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