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Contingent asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 September 2011 Sir
please anyone can give me one example s of contingent asset and how it will be recorded in books of account please give me the j/entry also (accrual basis)
thank you
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
16 September 2011 contingent asset will shone in 'notes of accounts'. no need to pass entry for contingent asset.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 September 2011
Contingent assets usually arise from unplanned or other unexpected
events that give rise to the possibility of an inflow of economic benefits to
the enterprise.
An example is a claim that an enterprise is pursuing through
legal processes, where the outcome is uncertain.
An enterprise should not recognise a contingent asset.
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
17 September 2011 As per AS 29 contingent assets are not disclosed in Fs however they are disclosed in report of reporting authority i.e. Directors report. Not in notes to account
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
17 September 2011 Agreed.... to Mr. Sumat that contingent assets can be show/disclose in Directors report.
not in notes of accounts....
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
18 September 2011 I agree with the experts
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2011 Sir
when we received this amount in the bank which entry we have to pass for recording
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2011 Sir
when we received this amount in the bank which entry we have to pass for recording
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
29 September 2011 BAnk A/c Dr
To particlular Income head
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