Answer / ameet narayankhedkar

In a layman's language, a contingent liability is a liability
which "may or may not arise".

Contingent Liability is not an actual liability therefore it
is not recorded in b/s. they appear as a footnote to b/s.
Ex:Bill Discounting

It is important to undertake the valuation of the contingent
liabilities in order to estimate the magnitude of the risk
they carry. Contingent liabilities would be mainly valued in
terms of the present value of future net costs that the
government expects to incur by accepting such liabilities.

3- Does petty cash book link to cash book, explain?

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