Legacies should be treated as -

Open in App

Solution

Legacies should be treated as a liability. We should record legacy as capital receipt because it is received for a particular purpose.

Suggest Corrections

Similar questions

Legacies should be treated as

Legacies are shown as a/an _________.

Loans payable on demand should be treated as part of ______.

The amount received from the sale of grass by a club should be treated as __________.

Join BYJU'S Learning Program