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Liability for bill discounted is a
None of the above
Liability for bill discounted is a Contingent liability. Contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event.A contingent liability is a liability that may or may not happen. This means there is uncertainty about recording such a liability in the financial accounts. This is because the happening or not happening of a contingent liability is not in the hand of us.
By: honey kaundal ProfileResourcesReport error
Alok Ranjan one year ago
Once the bill is discounted it becomes current liability please explain
The bills discounted with a bank represent a contingent liability since their dishonour by the drawee, though possible is not considered probable, because in such cases there is an implied or written prior agreement under which the buyer (the drawee) agrees to make the payment through a bank.
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