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Contingent liability & assets

Accountancy

How is this a contingent asset?

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Asmita Kar

CA Foundation

★ 7K+

08-May-25 11:36

Answers (4)

When you claim its contingent Asset

CA Suraj Lakhotia

Admin

08-May-25 11:38

CA Suraj Lakhotia Admin

When you claim its contingent Asset

Okay sir, Just wanted to clarify, so if an enterprise pursues a claim via legal process, then it would be considered as contingent asset. And if an enterprise defends a claim via legal process, then it would be considered a contingent liability, right?

Thread Starter

Asmita Kar

CA Foundation

★ 7K+

08-May-25 11:53

Thread Starter

Asmita Kar

Yes.

CA Suraj Lakhotia

Admin

09-May-25 10:56

CA Suraj Lakhotia Admin

Yes.

Ok sir

Thread Starter

Asmita Kar

CA Foundation

★ 7K+

10-May-25 15:35

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