Identify the term that is used to show the amount received as per the will of a deceased person.

Legacies

Legacies represent funds received in accordance with the wishes outlined in a deceased individual's will. These funds may be designated for a specific purpose or left without a specific purpose. When legacies have a specified purpose, they are termed "specific legacies" and are recorded as liabilities in the balance sheet. In cases where no specific purpose is mentioned, they are regarded as revenue in nature and are credited to the income and expenditure account.