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Accounting Issue

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17 May 2008 Adjustment:A and B cos are going to get amalgamated,to form AB Ltd, there is a contingent liability in the books of A Ltd;worth Rs 60,000.The question is asking us to treat this as a actual exsisting Liability .How do we account this in the books of A Ltd;and also in the books of AB Ltd.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
17 May 2008 1. The contingent liability is towards what?
2. If it is not relating to B, you can make a provision in the Books of A and then
on merger it automatically comes to AB.
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