Question

non trading concerns show the legacy in ...........​

Answer 1

Answer:

Required Answer:-

• Individuals or institutions with activities other than trade are known as non-trading concerns.
• Examples of nontrading concerns are clubs, hospitals, libraries, colleges, athletic clubs etc

Answer 2

Legacy is generally shown on the debit side of receipts and payments accounts. ... Its a capital receipt and hence would not appear in income and expenditure account and will be added to the capital in Balance sheet. It should be capitalised being an item of non-recurring nature.

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