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What is legancy

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What is legancy

Posted by Khushi Rajput 5 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 1 month ago

Legacy is the amount received by the not-for-profit organisation as per the will of a deceased person. It is non-recurring in nature and, therefore, treated as capital receipt. Hence, legacy cannot be treated as the main source of income for an NPO.

It is not the main source of income for an NPO. It is treated as a capital receipt.

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