Identify the term that is used to show the amount received as per the will of a deceased person.
Identify the term that is used to show the amount received as per the will of a deceased person.
Solution
✅ Correct Option: 4
Legacies are amounts received by a not-for-profit organisation as per the will of a deceased person. They are generally treated as a capital receipt and shown on the liabilities side of the Balance Sheet, unless of a small recurring nature.