Legacy should be treated as

+1 vote

asked Feb 16, 2018 in Class 12 by kratos

Please log in or register to add a comment.

+1 vote

answered Feb 2, 2021 by kratos

Best answer

Legacies should be treated as A liability

P, Q and R were partners in a firm. Their Balance sheet as at 31st March, 2017 was as follows :
P, Q and R were partners in a firm sharing profits in the ratio 3:2:1. Their balance sheet on 31-12-2016 was as follows :
Following is the balance sheet of A, B and C as at 31st March, 2017, who have agreed to share
The Balance sheet of A, B and C who were sharing profits in proportion of their capital, stood as follows on 31st March, 2017 :
A, B and C are partners, sharing profits in the ratio of 4 : 3 : 2. Their balance sheet on 31st March, 2017 was as follows :

Snow Theme by Q2A Market

...