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What is the meaning of Contingent Liability? Where is it
shown in the Balance Sheet?
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Answer / manojs
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
| Is This Answer Correct ? | 24 Yes | 3 No |
Answer / muhammed noushad
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
| Is This Answer Correct ? | 9 Yes | 0 No |
Answer / sukanya reddy
contingent liabilities are those liabilities which may or
may not happen. they are contingent or dependant on future
event, which may or may not happen. example is lawsuit or a
legal proceeding. They are not reported as a liability in
the balance sheet. if it is significant it will be reported
into the notes to accounts in the financial statements.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ajay kumar
Contingent Liability to be shown in the balance sheet on the
liability side that is one of the liability in the company
| Is This Answer Correct ? | 14 Yes | 19 No |
Answer / raman kumar
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
| Is This Answer Correct ? | 11 Yes | 17 No |
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