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Give one example of contingent liability? - Accounts

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Question

Give one example of contingent liability?

Very Short Answer
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Solution

A legal case filed against the company by a former supplier for ₹ 5,00,000, which is still pending in court.

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Chapter 9: Financial Statements of Companies - SHORT ANSWER QUESTIONS [Page 9.53]

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D. K. Goel Accountancy Volume 1 and 2 [English] Class 12 ISC
Chapter 9 Financial Statements of Companies
SHORT ANSWER QUESTIONS | Q 5. b | Page 9.53
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