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WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
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Answer Posted / h.r. sreepada bhagi
Contingent Liability refers to a liability that may arise in
future on the happening or otherwise of a contingent event.
For example guarantee given in favor of a third party. The
guarantor company has to pay it in the event of the
borrower's failure to pay it to the lender on due date as
per the terms of agreement. There needs to be note about it
in the Annual Financial Statements.
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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