Answer Posted / babu
contingent liability is the futur depended event that may
occur or may not occur in futur.
Best example:if a person gave assurense to another person
for the bank loan or something, fisrt person will be the
liable for the debt/loan if other person doesnt pay the
loan. then it will become the contingent liability for the
fist person.
if the amount is reasonably knows that we can show it in
b/s as contingent liability.
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