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Answer in One Sentence Only. What is Legacy? - Book Keeping and Accountancy

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Question

Answer in one sentence only.
What is legacy?

One Line Answer
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Solution

Legacy is the money received by a not-for profit organisation (NPO) as per the will of a deceased person. It is not the main source of income for an NPO. It is treated as a capital receipt.

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Chapter 7: Accounts of 'Not For Profit' Concerns - Exercise 1 [Page 227]

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Micheal Vaz Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
Chapter 7 Accounts of 'Not For Profit' Concerns
Exercise 1 | Q 6 | Page 227
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