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Answer Posted / k.sudhakar reddy
contingent means which may happen or not happen in future,
contingent liabilty means the liabity may be or may not be
be happen happen in the future event.the event will be
favoir for us then it will should not called as an
contingent liabilty but when the event will happen against
for us expectation then it should be called as "a liabily"
until the happen of future even we should treat the
contingent liabilty so we will be shown foot note of the
balance sheet.
The best example for this : a pending transation in a court
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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