Accountancy, asked by dheeraj3788, 1 year ago

provision difference between contingent liability​

Answers

Answered by pranjuu
2

A contingent liability is a probable future cash outflow from any activity. ... The provision is charged to profit and loss statement and shown in the balance sheet whereas contingent liability is shown in the footnotes at the end of balance sheet.

Answered by nayakankit1867
1

Answer:

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