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What is meant by contingent liablity?

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What is meant by contingent liablity?

    • Posted by Jayati Purwar 6 years, 10 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Gaurav Seth 6 years, 10 months ago

    A possible future liability, which depends on the happenings of certain uncertain event, is called contingent liability. These liabilities are not shown in the total of liability side, but are shown as a footnote to the balance sheet.

    <i>The following are some examples of contingent liabilities: -</i>

    1. Uncalled liabilities on partly paid shares

    2. Liabilities under Guarantee

    3. Arrears of dividends on cumulative preference shares

    4. Claim against the company now acknowledged as debts

    5. Liabilities on Bills Receivable discounted but not matured.

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