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wher would appear contingent liabilities??
Replies (2)
it will appear in notes to accounts and it's only disclosure.
yes, contingent liabilities are not shown on the balance sheet but provision may be created for that I'm case chances of losing it paying is most probably present there.
such as a suit against firm pending where chances of losing case is higher hence firm shall make a provision for that..
such as a suit against firm pending where chances of losing case is higher hence firm shall make a provision for that..
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