Contingent liability
This query is : Resolved
13 August 2010
Continget liability if any should be shown in balance sheet or will it do if we show it in foot to balance sheet
Aditya Maheshwari
(Expert)
13 August 2010
It is normally shown in notes to accounts.
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13 August 2010
Agreed with CA Aditya.
I think you have raised the query because you have seen the format of Schedule VI.
Now-a-days; it is practice to show all the footnotes in NOTES ON ACCOUNTS.
All the accounting informations is given at one place for the better reading and understanding.
I think you have raised the query because you have seen the format of Schedule VI.
Now-a-days; it is practice to show all the footnotes in NOTES ON ACCOUNTS.
All the accounting informations is given at one place for the better reading and understanding.
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1 times
CA Ravi Sisodia
(Expert)
13 August 2010
Agree, Continget liability should be shown in NOTES ON ACCOUNTS. detaol of Continget liability like nature,value etc.
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