what is meant by laiblity no longer required back?
2 Replies
Anantha Lakshmi K
(Student CA Final )
(44 Points)
Replied 06 December 2008
liability no longer required means........ liability which you have incurred past and showing in your books still now is not required to pay during and subsequent years. Hence it is added back to your profits if it is a revenue items or adjusted to the fixed assets it is related to the asset
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