Accountancy, asked by poonamchauhan988898, 8 months ago

brief note on legacy and aacounting treatment

Answers

Answered by manpreetmishra86

1

Explanation:

legacy is the amount revived as will deceased person. it is non. recurring in nature. it shown liability side of the balance sheet.

Answered by aheerayanyadav

1

Answer:

Legacies received for a specific purpose must be capitalized in the name of concerned fund for which it is received.

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