Practicing Success
It is the amount received as per the will of a deceased person. |
Entrance fee Legacies Endowment fund Donations |
Legacies |
The correct answer is Option (2) - Legacies Legacies is the amount received as per the will of a deceased person who may or may not specify the use of the amount. Legacies, use of which is specified are specific legacy and is shown in the balance sheet as liability. If the use is not specified it is considered as revenue nature and credited to income and expenditure account. |