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What is Contingent Liability?
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Answer / c.r.s yogesh babu
It is a Liability May or May not happen in mere future.
Example: Letter of Credit
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / gouher
what is contingent liability?
Contingent liability is like a reserve for an emergency liability, which may happen or not happen in the future course of time.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / sumi bhardwaj
contingent liability ,which may happen or not happen. in
other way we say that it is a provision which is made by
company for secure its future loss.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / srinivas sudagoni
Contingent liability is the future liability. the obligation to pay may be depend on occurrence of a contingent event.
| Is This Answer Correct ? | 0 Yes | 0 No |
what is journal entries
pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
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Audit 
