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Is legacy a revenue receipt?

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Is legacy a revenue receipt?

Posted by Gaurav Jain 6 years, 7 months ago

CBSE > Class 12 > Accountancy

4 answers

Vaibhav Kamboj 6 years, 7 months ago

No it is capital receipt and show on the liability side in the balance sheet

Lovely Dhawan 6 years, 7 months ago

No...it is a capital receipt and shown in bal sheet

Gaurav Seth 6 years, 7 months ago

Legacy refers to property received by virtue of a will of a person after his death. Acquisition of such property by an institution is regarded as capital receipt. Hence it will not appear in Income & Expenditure Account. Properties or cash received on account of Legacy is shown on asset side on-the balance sheet on one hand and on the other hand it is added to the capital fund account on the liabilities side of the balance sheet.

Ankit Arya 6 years, 7 months ago

No

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