Contingent asset
Querist : Anonymous
please anyone can give me one example s of contingent asset and how it will be recorded in books of account please give me the j/entry also (accrual basis)
thank you
Contingent assets usually arise from unplanned or other unexpected
events that give rise to the possibility of an inflow of economic benefits to
the enterprise.
An example is a claim that an enterprise is pursuing through
legal processes, where the outcome is uncertain.
An enterprise should not recognise a contingent asset.
not in notes of accounts....
Querist : Anonymous
when we received this amount in the bank which entry we have to pass for recording
Querist : Anonymous
when we received this amount in the bank which entry we have to pass for recording
To particlular Income head
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