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Municipal tax Rs 6000 under dispute is a

This question belongs to Commerce Accounting
Accounting
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Municipal tax Rs.6000 under dispute is a

Answer & Solution
Correct Answer: Option A
Municipal tax Rs.6000 under dispute is a Contingent liability. Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit.
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