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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.

    • Posted by Anil Kumar Sharma 6 years, 3 months ago

    CBSE > Class 12 > Accountancy
    • 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

    0Thank You

    Harika Muskan 6 years, 3 months ago

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

    3Thank You

    ANSWER
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