hi this is priya. what is contigant liability and where we
can take it in balance sheet i mean under which head
Answer Posted / 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 |
Post New Answer View All Answers
hi to all i have also cleared sbi exam and my interview is on 26th may 2009.can any one help to prepare for interview
How exchange rates are maintained in sap
wages posted twice what is the entry for that?
what is sevice tax? on what service tax is applicable. explain with examples?
What is meant by consignment
Expand-----RTD
Expand BFSI
cany anyone explaing what are the functions of an Account Officer/Manager?
which are the basic princeples of accountancy... with examples
When we are raised a interstate invoice then which type invoice we are raised
please give me a last 10 years sbi clerk question and answer paper
wHAT ARE EVENTS
what are the models of valuation of the company
EXPAND___________IMA
In OD Account How Many Interest Paid or Not? and second CC Account How Many Interest Paid or Not?