Where do v write contingent liability .
is it below the line of balance sheet / in notes to accounts
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Sch VI part I of Cos. act says that Contingent liab should be given as a footnote to the Balance sheet. However in recent times many of the companys fin stat will show that it in notes to accounts..
| Originally posted by :saritha | ||
| " | Where do v write contingent liability . is it below the line of balance sheet / in notes to accounts |
" |
Nice question.
Contingent liability is write on Notes Accounts
notes on accounts...
| Originally posted by :saritha | ||
| " | Where do v write contingent liability . is it below the line of balance sheet / in notes to accounts |
" |
i m agree with vinayak it must be written in notes accounts.
it is not in the balance sheet, shown below the balance sheet as foot note
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