hi this is priya. what is contigant liability and where we
can take it in balance sheet i mean under which head
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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.
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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
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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
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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 |
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