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

diffrence between the profit center and business area

2077

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Feature of Master letter of credit of Garments manufacturing company?

1895

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what are the uniform public construction cost accounting act procedures?

1962

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Can anyone expain.. why the sensex is in points. And why the ratios is calculated. In what way its uesfull to the organisations

2209

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Example for extra ordinary expenditure?

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What is EBITDA

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what is book profit

2195

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what is mean by traditional accounting ?

2429

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Have you worked with other on team endeavors

1999

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can u let me know how the bankers calculate interest on O.D.account

2103

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what are the financial ratios that a manager see in accounting?

1981

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How do you plan to achieve these goals

2333

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what are the accounting ratios

2439

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What is the relationship between, issued share capital, share premium and paid up capital?

2398

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what are all the formulas used in bank to calculate their economy

2108

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