Legacies are amounts received by a not-for-profit organisation as per the will of a deceased person. They are generally treated as a capital receipt and shown on the liabilities side of the Balance Sheet, unless of a small recurring nature.
Identify the term that is used to show the amount received as per the will of a deceased person.
Held on 29 May 2023 · Verified 13 Jul 2026.
Specific Donations
Life membership fees
Subscription
Legacies
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Work through every CUET UG Financial Statements PYQ, year by year.