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Contingent liability if becomes payable, is it current liability??
Answers (6)
Thread Starter
Reetikaa RAlso 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
Thread Starter
Reetikaa RIs contingent liability a current liability??
Contingent liability becomes a current liability when all required conditions mentioned in cat 1 / 2 table are satisified