Amalgamation
This query is : Resolved
Shobhit Jain
(Querist)
24 May 2016
A Ltd Acquires B Ltd. How to treat contingent liability in case of Amalgamation?Explain with Logic. Bills receivable discounted by A Ltd. were all accepted by B Ltd.
Bills Payable (A Ltd)-20,000
Bills Payable (B Ltd)-20,000
Bills Receivable (A Ltd)-50,000
BR (B Ltd)-10,000
Bills Payable (A Ltd)-20,000
Bills Payable (B Ltd)-20,000
Bills Receivable (A Ltd)-50,000
BR (B Ltd)-10,000
Amol S Joglekar
(Expert)
25 May 2016
After amalgamation, a fresh REVIEW about the contingency (Happening or non happening) of the contingent liability is done. If the liability exists as contingent, it is shown by way of foot note.
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