Accountancy Part AAccounts for Non Profit Organsiation

It is the amount received as per the will of a deceased person.

Answer & explanation

Correct answer: option 2

The correct answer is Option (2) → Legacies

Note: This question is from the pre-rationalised NCERT book. The topic is not there in the latest NCERT book (2026-27), and it is also out of the CUET 2026 syllabus.

NCERT (Pre-rationalised edition):
Legacies – “… It is the amount received as per the will of a deceased person who may or may not specify the use of the amount.”