It is the amount which a non-trading concern receives as per the will of a deceased person.

Donations

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Life membership fees

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Legacy

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Specific donation

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Solution

The correct option is C Legacy
Legacy is the property received by virtue of a will of a person or after his death. Its a capital receipt and hence would not appear in income and expenditure account and will be added to the capital in Balance sheet.

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The amount or property received by a non- profit organisation as stated by the will of a deceased person is commonly referred to as __________.

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