Answer Posted / rakesh kumar prasad
contingent liabilities are those liabilities which become
payable on the happening of the an event. in case, the event
does not take place or happens, no amount is payable. such
liabilities are not shown in the balance sheet but these are
revealed by note.
examples
liabilities in respect of bills
disputed claims
guarantee for loan, etc.
| Is This Answer Correct ? | 16 Yes | 2 No |
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