Answer / rakesh kumar prasad

contingent liabilities are those liabilities which become
payable on the happening of the an event. in case, the event
does not take place or happens, no amount is payable. such
liabilities are not shown in the balance sheet but these are
revealed by note.

examples
liabilities in respect of bills
disputed claims
guarantee for loan, etc.

Answer / ammu

. The possibility of an obligation to pay certain sums
dependent on future events.

2. Defined obligations by a company that must be met, but
the probability of payment is minimal.

Answer / shivani

Contingent liabilities are those liabilities which are not
the actul liabilities on the date of preparing Balance
sheet.Contingent liabilities are actual or not will be
decided in future upon certain happening.These liabilities
are shown as a note at the end of the balance sheet, these
liabilities are note included in the Balance sheet.

Answer / abhinandan singh rajput

Contingent liability means the liability which arise or may
it not be arise in the financial year.there was no gurantee
to come in the financial year it may arise or not its
called contingent liability.
for e.g.Past outstanding bill
claims
bill etc.

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