What is contingent liability?
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Answer Posted / nitin
Contingent Liability is for sure liability if it happens,
if it did not happen there is no liability. However if it
happened it is treated as liability and shown in
liabilities section of Balance sheet.
Example:
Mr.L take loan from bank and make the guranter of loan to
Mr.G. Its fine if Mr.L returned loan to bank, suppose if he
fails to repay loan amount to bank then Mr.G need to pay
that loan amount. Hense it is liability for Mr.G
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