hi this is priya. what is contigant liability and where we
can take it in balance sheet i mean under which head
Answers were Sorted based on User's Feedback
Answer / sakthivel.s
Hi priya & Madhu this is sakthi.
In my personal point of view contigent liability is the
liability which may or may not occur.
To be more clear on this one your are giving bank surity to
your friend, it will be reflect in your books as contigent
liability. if your firend repays the bank loan without any
defaults then that liability will not affect you. If he
fails to repay the amount you are the one suppose to repay
that loan. So at that point of time that loan will be
liability for you. This liability is said to be as
contigent liability.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / shekhar
hi, this is shekhar
A potential expense, one that may or may not eventuate,
depending how events turn out, but which should be provided
for in properly kept accounts or budgets. Examples of a
company's contingent liabilities might include damages from
a pending lawsuit against the company; guarantees given to
secure another company's borrowings; or having the
company's name as endorser on a bill of exchange that is
yet to mature
if any accounts concepts is there plz send me my mail
id m_shekhar_05@yahoo.co.in
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / manikantan.s
A contingent liability is a potential obligation that may be incurred depending on the outcome of a future event.
A contingent liability is one where the outcome of an existing situation is uncertain, and this uncertainty will be resolved by a future event
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / a.madhu sudhan rao
Hai Priya This is Madhu
Contigent Liability Means Future Liability
We have to Show Contigent Liability at Foot NOte on Balance
Sheet
This amount is not Included in Balance Sheet
This is a Future Liability
Is This Answer Correct ? | 3 Yes | 4 No |
when the creditors shows debit balance
after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.
What is Owner's Equity?
what is OTC derivatives and Depository Trust & Clearing Corporation (DTCC) ?
why did you want to join banking sectors?
short note on capital expenditure and revenue expenditure.
Expand---------RSTB
Expand D A
HI, FREINDS, I WANT TO KHOW IS THE CFP (CETICFIED FINANCIAL PLANNER) IS A GOOD COURSE, IS THEY ANY INSISTUTE IN HYDERABAD,IF ANY ONE DOING THIS COURSE PLEASE REPLY ME.
what is net turnover and how to calculate?
expand I C W A I
formula for profit margin