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Accountancy

Is the treatment for adjustment no. viii regarding continent liability is correct?? Is there any such account as continent liability?

James Js

CA Inter

★ 1K+

11-May-23 03:49

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Answers (6)

Best Answer

You can write.

CA Suraj Lakhotia

Admin

11-May-23 06:25

If I write the below JE, will it be wrong? Capital Reduction a/c Dr. 7000 To Bank a/c. 7000 -------------------- Bank a/c Dr. 6300 To Capital Reduction a/c. 6300 The net effect will be same right?

Thread Starter

James Js

CA Inter

★ 1K+

11-May-23 03:52

CA Suraj Lakhotia Admin

You can write.

Ok sir thanks

Thread Starter

James Js

CA Inter

★ 1K+

11-May-23 06:26

CA Suraj Lakhotia Admin

You can write.

Is there any account called contingent liability account?

Thread Starter

James Js

CA Inter

★ 1K+

11-May-23 06:27

If you know the specific contingency, you can name the account with the contingency. For e.g. Lawsuit Liability

CA Suraj Lakhotia

Admin

11-May-23 14:29

CA Suraj Lakhotia Admin

If you know the specific contingency, you can name the account with the contingency. For e.g. Lawsuit Liability

Ok sir thanks

Thread Starter

James Js

CA Inter

★ 1K+

11-May-23 22:02