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Contingent liability

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(Querist)
13 August 2010 Continget liability if any should be shown in balance sheet or will it do if we show it in foot to balance sheet
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
13 August 2010 It is normally shown in notes to accounts.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
13 August 2010 Agreed with CA Aditya.


I think you have raised the query because you have seen the format of Schedule VI.


Now-a-days; it is practice to show all the footnotes in NOTES ON ACCOUNTS.


All the accounting informations is given at one place for the better reading and understanding.



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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
13 August 2010 Agree, Continget liability should be shown in NOTES ON ACCOUNTS. detaol of Continget liability like nature,value etc.
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Jitender

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Jitender (Expert)
13 August 2010 it is shown in Notes to Accounts.

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