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Answer Posted / swati jain
As per Accounting Standard (AS) 29 on 'Contingent
Liability', it is a possible obligation that arises from
past events and the existence of which will be confirmed
only by the occurrence or non-occurrance of one or more
uncertain future events not wholly within the control of
the enterprise.
It is not an actual liability hence not disclosed on the
liability side of Balance Sheet and disclosed on the face
of the Notes On Accounts thereby forming part of the
Financial Statements
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