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Where will Contingent liability appears? And why it is not
appear in Balance sheet?

Answer Posted / kiran

Contingent liability does not appear in the balance sheet.
It is written as a note under the balance sheet because
contingent liabilities are those liability which may or may
not be incurred depending on the future outcome. For Ex:
Loss by fire, theft etc...

Is This Answer Correct ?    25 Yes 6 No



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