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what is the accounting treatment for contingent laibility?
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Answer Posted / kishore (ciq)
There is no Accounting treatment for contingent liability
According to AS3 we have to disclose it below the balance
sheet.
But the estimation of the contingent liability is very
important as it has to known by the investors.
If you clearly known the out come of the liability then you
can make a provision.
| Is This Answer Correct ? | 18 Yes | 0 No |
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