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a. Nothing
b. $100,000 Set-aside Cash
c. $100,000 Liability
d. $100,000 Contingent Liability
In this regard, company need follow IAS37. if it's probable and reliably measured, provision should be recognized. In case obligation is possible, need to disclose contigent liability into notes of account. If occurance is remote do nothing
Option A is the right answer.
Option (D) $100,000 Contingent Liability........!!!
It depends. If the loss is likely to occur, that is "probable" and the loss can be estimated, then record a contingent liability. If the loss is unlikely to occur, then it should only be disclosed in the notes. If it is remote, then a contingent liability should not be recorded.
A) Nothing...............................
If the loss is reasonably possible , disclosure is necessary by way of note....and contingent must exist on the balance sheet date.......In this case,we can take it as contingent liability since loss is reasonably possible based on the court judgement..
Correct Answer is d. $100,000 Contingent Liability if company is being sued for
It would be recorded in contingent liability
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