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what is contigent liability and state some examples also.
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Answer Posted / souravaich
Contingent Liability is a liability which may or may not
occur, but it should be shown in the Notes to Accounts.
for example : if the government policy regarding taxation is
pending, the trader is not in a position to decide the exact
amount of tax. In this case the trader will decide the total
liability of tax after the decision is finalised.
another example : Guarantees extended are Contingent Liabilitys.
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