Contingent Liabilities
This query is : Resolved
23 September 2009
whether performance guarantee given by bank on behalf of client is to shown as contingent liabilities in notes to accounts.
23 September 2009
This is an undertaking to pay a specified sum of money to a third party in the event of failure to carry out the terms of the contract. This type of guarantee is most commonly required to secure performance and is in the nature of a contingent liability.
23 September 2009
its contingent liability
Manmohan ACA, CS
(Expert)
23 September 2009
contingent liability
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