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Creditors include rs.8000 for contingent liability …

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Creditors include rs.8000 for contingent liability which is not yet matured. Pass the journal entry in terms of revaluation.
  • 2 answers

Rajip Chowdhury 6 years, 3 months ago

Discounted bill is a contingent liability it will not appear in the balance sheet ok, so it cannot be included in creditor.Now when the bill gets dishonoured in future then the liability arises not before that .thanx

Harika Muskan 6 years, 3 months ago

No entry is passed in this case bcoz there is no increase or decrease in liability.
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