Where do v write contingent liability .
is it below the line of balance sheet / in notes to accounts
5 Replies
ankit khanna
(CA)
(47 Points)
Replied 28 February 2009
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..
CA CS VINAYAK PATIL
(CHARTERED ACCOUNTANT)
(921 Points)
Replied 28 February 2009
| 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
sumit arora
(job)
(35 Points)
Replied 02 March 2009
it is not in the balance sheet, shown below the balance sheet as foot note
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