Advanced accounting- as 4 and as 29
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2013
The accounting standards 4 and 29 both relate to contingent liabilities. So i have a question whether how it would be decided which contingency is covered under which AS. Also if there's a law suit filed by us. it's a contingent asset under AS 29 but if after balance sheet is prepared result for the law suit is declared as we win it. How would be the amount receivable be treated?
15 August 2013
It is covered under Accounting standard 4
if you have created provision for bad debts earlier it can be written back as receibale is confirmed
if you have created provision for bad debts earlier it can be written back as receibale is confirmed
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15 August 2013
If u won the case then reverse the provision for bad debts in profit and loss a/c with a note in notes to account regarding the description of the matter.
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