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Question
A gift given by a legal representative as per the will is called ________.
Options
donation
- subscription
entrance fees
legacy
MCQ
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Solution
A gift given by a legal representative as per the will is called legacy.
Explanation:
Legacy is the money received by a not-for profit organisation (NPO) as per the will of a deceased person. It is treated as a capital receipt and shown on the Liabilities side of a Balance Sheet.
Hence, the correct answer is option (d).
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