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contiagent liabilty
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Answer / ravi
might be payable or might not be payable depending up on
the judgement given by the court and it will be recorded
in foot note of balance sheet on liabilities side
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / durga bhavani
it is uncertain it is shown under the balance sheet this is
depend upon uncertain future event it may occur in future
according to accounting equation approach the comapany
consider all liablities
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / ullas patil kulkarni
It is the future obligation that may or may not met.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / kalyani
1. 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.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sanjog bajaj
CONTINGENT LIABILITIES ARE NOT THE REAL LIABILITIES,IT SHOWS
BELOW THE BALANCE SHEET AS A NOTE.
| Is This Answer Correct ? | 0 Yes | 0 No |
If a company purchase the goods for rs. 100 and intends to Sell it for 200. What is the journal entry for this?
18 Answers Cap Gemini, DataMonitor,
42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.
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Audit 
