Legacies should be treated as

An Asset

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A Revenue Receipt

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A Capital Receipt

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None of these

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Solution

The correct option is C
A Capital Receipt

Legacies should be treated as a capital receipt

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Similar questions

Receipts and Payments A/c is a summary of ___

Receipts and Payments A/c is a summary of -

Which among the following statement(s) is/ are correct?

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