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Name two contingent liabilities

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Name two contingent liabilities

Posted by Pankaj Kumar 5 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Gaurav Seth 5 years, 4 months ago

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Pankaj Kumar 5 years, 4 months ago

Workmen compensetation fund is also a contingent liability?

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Gaurav Seth 5 years, 4 months ago

A contingent liability is a potential liability...it depends on a future event occurring or not occurring. For example, if a parent guarantees a daughter's first car loan, the parent has a contingent liability. If the daughter makes her car payments and pays off the loan, the parent will have no liability. If the daughter fails to make the payments, the parent will have a liability.

Accounting examples :

Uncalled liabilities on partly paid shares.
Liabilities under Guarantee.
Arrears of dividends on cumulative preference shares.
Claim against the company now acknowledged as debts.
Liabilities on Bills Receivable discounted but not matured.

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Posted by Prachi Yadav 14 hours ago

CBSE > Class 12 > Accountancy