What is the first thing you should do if your mobile comes in contact with water? How likely is it to not be damaged?

sutdown your phone and put it in rice for couple dayes 

suddenly put the the in the water and take mobile in hand then remove battery of the mobile as quickly as possible.then put the mobile in sunlight for one day after one all water which is inside the mobile will evaporate and all component are dry according to my idea .and then put baattery and check the mobile status .

You need to remove the battery quickly or switched it off

1st of all I will disconnect its connection with water. 2ndly remove the battery.

Put it in a pouch of uncooked rice.

First thing to do is obviously get it out of the water, then Immediately turn it off and dry it with a cloth, afterwards place it in a box full of uncooked rice and close it, wait for hours to hours preferably the latter and check back on it, the chances of survival depends on how much water contact it had and for how long, the longer that was the less likely it would survive.

First, you need to turn power off, then if your mobile has a removable battery, remove it, then the SD Card and Sim, after your remove it, submerged it deep in a rice not cooked of course. Wait for 1 week then try it.

First of all obviously i will take out my phone out of water than use dry cloth to whip it off

and then use either uncooked rice container for putting my phone into it

otherwise go to some technical store nearby my place

Shut it down for one day & remove battery if available if it didn't work buy a new one :)

Let's start by stating the obvious. If your device is certified "Ingress Protection", you need to look for the exact specification and hope to be lucky. For example, if it's IP68, then it will withstand up to 30 minutes 1 meter (max) underwater. If your device is not Ingress Protection, then there is no best answer, and honestly it depends. Electronic circuits do not cope well with humidity and corrosion, therefore your phone could stop working soon, or could go on more or less ok for a few days, and start having problems or go off. All you can do is act quickly. Dry your phone well with a towel, shake it (not too hardly) to eliminate residual drops and dry it again. Then, place it into a box full of rice (cover it completely with rice), close the box and check it out after a couple of days. Good luck.

first of all, i'll disassemble it and then put its all components in rice as it absorb mositure