For contingent liability point Need an entry

Question

BHAGYASHREE · Answer

Question*

BHAGYASHREE · Answer

Send the complete quotation that how much the director loan is If it's not sufficient u have to pass from capital reduction

Atharva · Answer

Contingent Liability sirf disclosed karte hai notes to accounts me. Ab question me contingent liability galti se payable dikha di hai toh..uski correction entry hogi. Contingent Liability Ac Dr. To Loan from Director Ac. Since the director decided to compensate that's why the loan from the Director is credited.

BHAGYASHREE · Answer

If it's an loss in case of Internal reconstruction you have to pass entry for it

HARSH · Answer

Contingent liabilities are never recorded ...they are only show as a note after balance sheet with relavant impact....Hence no entry for same

For contingent liability point Need an entry

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