Contingent liability and provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2013
Hi, what is the meaning of present obligation and possible obligation in relation with contingent liability and provision?
22 August 2013
Present obligation means liability to be paid today due to your business action in past.
eg if you purchased good on credit on 31.3.2013 but did not paid then till you pay it, it will be your present obligation.
Possible obligation means in future you may have to pay for a certain liability due to your business action taken today..
eg if you purchased good on credit on 31.3.2013 but did not paid then till you pay it, it will be your present obligation.
Possible obligation means in future you may have to pay for a certain liability due to your business action taken today..
22 August 2013
an obligation is a present obligation if based on evidence available , its existance on the balancesheet date is considered probable,,i.e, more likely than not
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Multiple trade mark
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
