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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 Posted / 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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