Any amount or property received by a Not-for-Profit Organisation as a bequest under a will is called a Legacy. Since the neighbour Ishwar willed his land to the academy before his death, the donated land is classified as a Legacy (a capital receipt) for the organisation.
Land donated by neighbor is
CUET UG 2022 — Accountancy Financial Statements
2022mcqmedium
Land donated by neighbor is
Official previous-year question
Held on 16 Jul 2022 · Verified 13 Jul 2026.
Options
- A
Legacy
- B
Special receipts
- C
General Receipts
- D
Capital Fund
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