How is Maturity of Contingent Liability treated in a Fund Flow Statement

A/c entries 223 views 1 replies

A Contingent Liability of Rs. 3500 is matured during the year. - This is an adjustment given for a fund flow statement, I think that it would be posted in the Profit and Loss Adjustment A/C and the counter entry would be in the Application of Funds in the Fund Flow Statement. Please guide me.

 

Thanks in advance.

Replies (1)

To my knowledge, Contingent liabilities are recognised as disclosures. They are not presented on the face of the financial statements.


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