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Sir, in this question, could you help me with the contingent liability part? It’s dec 14 paper
The recognition of 6 million and adjustment of 1 million to goodwill was fine. Why are we eliminating the whole contingent liability and crediting retained earnings?
And why don’t we include 5 million in provision in consolidated SOFP?
When Contingent liability has become a provision, shouldn’t the entry be Dr contingent liability Cr provision?
Thanks
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