explain the Following terms
a. legacy.
b. specific donation.
C. Capital fund.
Answers
Explanation:
1..gift by will especially of money or other personal property : bequest She left us a legacy of a million dollars. something transmitted by or received from an ancestor or predecessor or from the past the legacy of the ancient philosophers The war left a legacy of pain and suffering.
2..Specific Donations are received by a non-profit organisation for specific purpose only, while general donations are not meant for any specific purpose. Specific donations are treated as capital receipts and shown on the liabilities side of the Balance Sheet
3..Capital fund is the excess of NPOs' assets over its liabilities. In other words, the excess of assets over the liabilities for a profit earning organisation is termed as capital and the same for an NPO is termed as capital fund