Q 33 Legacy is appears on the debit side of
Ops: A.
a) Income & Expenditure
O b) Profit & Loss A/C
O Receipt and payment Alc
(d) Balance Sheet
Answers
Answer:
(C) Receipt and payment Alc,✔️✅
Explanation:
Option A is correct. Legacy is the amount which a not for profit organisation receive as per the will of a deceased person. As this is a receipt it is recorded on debit side of Receipts and Payments A/c.
On credit side all payments are shown. It is being an item of non recurring nature shown on liabilities side of Balance Sheet not in Income and Expenditure A/c.
Answer:
(C) Receipt and payment Alc,
Explanation:
Option A is correct. Legacy is the amount which a not for profit organisation receive as per the will of a deceased person. As this is a receipt it is recorded on debit side of Receipts and Payments A/c.
On credit side all payments are shown. It is being an item of non recurring nature shown on liabilities side of Balance Sheet not in Income and Expenditure A/c.