Contingent liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2011 sir,

In respect of my client where he is giving a performance guarantee to the govt dept but there is no default in performance made by them so in that case can he shows that bank guarantee as current liabilities. and same way can he show the person to whom the Guarantee given as debtors
please reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 August 2011 Till the performance time expires, the said guarantee has to be shown as a 'contingent liability not provided for' meaning thereby should be disclosed only in 'notes forming part of the accounts'.

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