131
Question
It is the amount which a non-trading concern receives as per the will of a deceased person___________.
It is the amount which a non-trading concern receives as per the will of a deceased person___________.
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.
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.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
