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