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What is contingent liability.
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Answer / babu
contingent liability is the futur depended event that may
occur or may not occur in futur.
Best example:if a person gave assurense to another person
for the bank loan or something, fisrt person will be the
liable for the debt/loan if other person doesnt pay the
loan. then it will become the contingent liability for the
fist person.
if the amount is reasonably knows that we can show it in
b/s as contingent liability.
| Is This Answer Correct ? | 14 Yes | 0 No |
Answer / kiran kumar
Some happening or non-happening of some transaction will
may cause to the creation of a liability which is commonly
known as CONTIGENT LIABILITY.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / yashu kaushik
it is an obligation to pay for future happening or non-
happening uncertain event.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / abdul
it is a obligation to pay on happening an non-happening of
uncertain event
EX: accident take place while transferring of goods from one
place to other place
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / k.sudhakar reddy
contingent means which may happen or not happen in future,
contingent liabilty means the liabity may be or may not be
be happen happen in the future event.the event will be
favoir for us then it will should not called as an
contingent liabilty but when the event will happen against
for us expectation then it should be called as "a liabily"
until the happen of future even we should treat the
contingent liabilty so we will be shown foot note of the
balance sheet.
The best example for this : a pending transation in a court
| Is This Answer Correct ? | 1 Yes | 0 No |
Tell me if the company wants to enhance thier business and incured the cost on other building (like Buliding Material, Iron and Others) so we will put it in to the expenses or i have to put it into the Fixed asset land and buildin by passing this entry Land and Building (Dr) Bank/Cash/Detors) (Cr) Thanks
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