Legacies should be treated as

+1 vote

asked Nov 13, 2018 in Class 12 by kratos

(A) A liability

(B) A Revenue Receipts

(C) Income

(D) of these

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+6 votes

answered Jan 18, 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 :

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