kamau uhuru recorded the following wages and salaries ksh 2000 rent ksh 8000 depreciation ksh 1000 entertainment for self ksh 2000 calculate the total dis allowable expenses a. 18,000 b. 10000 C. 12000 d. 3000

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.