It is the amount which a non-trading concern receives as per the will of a deceased person___________.
A
Donations
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Life membership fees
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Legacy
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
Specific donation
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct option is C Legacy Legacy is an amount of property or money left to someone in a will. It refers to property received by virtue of a will of a deceased person. Acquisition of such property by an institution is a capital receipt because these are not received on a regular basis. Hence, it will not appear in income and expenditure account. It is shown in liabilities side of balance sheet.