Answer / kirankumar

the probability of an obligations to pay certain sums
dependent on future events.

Answer / ziya anjum

contingent liability are those liability which will be paid or may not be paid in future are called contingent liability.

Answer / kiran

contingent liability is not a real liability,it is bocome a liability on condition,and it's shown in balance sheet foot note.

Answer / anand

It is not a real time liability whether future events can be decided whether it is a liability or not. It shows the balancesheet under footnote

Answer / vnktsh

contingent liability is a liability but it depends upon the happening of future event as usual it shown under liabilities

Answer / manik kakkar

A contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is probable and the amount of the liability can be reasonably estimated.

Answer / da

contingent liability which will show in balance sheet under footnote a

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