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Contingent liability

Contingent liability if becomes payable, is it current liability??


Reetikaa  R

Reetikaa R

CA Foundation

4K+

10-Mar-21 20:33

14

Answers (6)

Also give an example for the category 1 contingent liability.

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Reetikaa  R

Reetikaa R

CA Foundation

4K+

10-Mar-21 20:41

Also give an example for the category 1 contingent liability.

Yes to Q 1 & Eg of Cat 1 Continget Liability is a liability to be paid on account of Environmental damage. till the case is decided the amount will not be known


Sriram Somayajula

Sriram Somayajula

Admin

11-Mar-21 11:16

Is it current liability sir

Is contingent liability a current liability??


Reetikaa  R

Reetikaa R

CA Foundation

4K+

11-Mar-21 18:13

Is contingent liability a current liability??

Contingent liability becomes a current liability when all required conditions mentioned in cat 1 / 2 table are satisified


Sriram Somayajula

Sriram Somayajula

Admin

11-Mar-21 19:02

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