her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by offering to purchase the laptop for GH¢600. Happee refused to sell for GH¢600. Kofi Brokeman then wrote to Happee agreeing to pay the said GH¢1,200 but she still refused to sell.

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Q: Unfortunately, Betty’s business was not profitable. She decided to sell the business and seek work…

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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.