Please Help: ACCOUNTS
Posted Date : 02-Aug-2012 , 02:52:17 pm | Posted By: Avijit
Category :
Accounts | Answers :
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what is contingent liability? |
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Answers:
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 Answer by: Krishna Chandra Santi |
| A contingent liability is nothing but it is the liability which became due on happening or non happening of a future event. But at the current time the happening of such future event is uncertain. It is shown as a foot note at the bottom of the balance sheet. Refer AS 4 for more details.
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