Question

legacies should be treated as?
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Answer 1

Answer:

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Explanation:

An amount received by a non profit organization as per will is called as legacy. It should be considered as receipts and to be recorded in the receipts and payment account. Legacy should be recorded as capital receipt because it it received for a specific purpose.

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Answer 2

Answer:

legacy should be recorded as capital receipt because it is received as specific purpose.

Explanation:

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