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What is the treatment of legacy …

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What is the treatment of legacy in NPO?

    • Posted by Sumit Toshniwal 5 years, 11 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Rajni Devi 5 years, 11 months ago

    Legacy is a capital receipt. It is not shown in income and expenditure alc . It is shown in balance sheet in liability side

    1Thank You

    Rocky Roy 5 years, 11 months ago

    Legacy is treated as a liability for the non profit organization hence it is transferred to liability side of balance sheet

    2Thank You

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