Answer Posted / srikantpatnaik

Contingent liability is a probable liability. It means it is
not an actual liability so this item is not shown in Balance
Sheet. rather it is an anticipation of a probable liability
due to certain situations like legal cases pending in court
against the entity and if it goes against the entity then it
may have to pay compensation to the plaintiff.
The entity needs to provide the expected outflow of cash in
case of verdict against it in the footnotes(notes to the
accounts) of the financial statements.

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Expand---------MNOP

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