Q.Write a short note on: Legacy.

A legacy is an amount or property a not-for-profit organisation receives under a deceased person's will; being a capital (non-recurring) receipt, it is normally capitalised and added to the Capital Fund. A legacy is a gift of money or property made to a club, society or other not-for-profit organisation under the will of a deceased person. Because it is received once, not regularly, it is a receipt of a capital nature. Accounting treatment: It is generally capitalised — added to the Capital Fund and shown on the liabilities side of the Balance Sheet — rather than credited to the Income and Expenditure Account. (A legacy of small or recurring amount may, by the organisation's policy, be treated as revenue income, but the standard treatment is to capitalise it.) …