Legacy accounting treatment in NPO Class 12 Accounting

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Are you looking for the Legacy accounting treatment in NPO financial statements class 12 accountancy? See legacy is the amount received by an NPO against will of a person.

If person specified the purpose for which his legacy should be used. Then it is treated as Specific legacy and recorded as capital receipts and the liabilities side of Balance Sheet.

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On the other hand, if there is no purpose it is treated as general legacy and recorded as revenue receipts in income and expenditure account as income.

How to record legacy in NPO financial statements class 12 Accountancy.

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Here is the video lecture i have prepared to explain this concept

Further video lectures and Notes of NPO

S.NTopics
1.What is Fund Based Accounting in NPO
2.Admission and Entrance fees Accounting Treatment
3.Accounting Treatment of Life Membership Fees in NPO
4.Accounting Treatment of Donation in NPO
5.Accounting Treatment of Legacy in NPO
6.Accounting Treatment of Government Grant in NPO
7.Accounting Treatment of sale of Old Newspaper in NPO
8.Accounting Treatment of sale of Old Sports Material in NPO
9.Accounting Treatment of Cost of Material Consumed in NPO
10.Accounting treatment of Sale of Assets in NPO
11.Accounting treatment of Subscription in NPO
12.Accounting treatment of Subscription written off in NPO
S.NTopics
1.NPO Basic Concepts and Theory
2.Receipts and Payments account of NPO format, features, meaning
3.Income and expenditure account of NPO format features meaning
4.Difference between income and expenditure account and Profit & Loss A/c
5.Difference between Receipts and Payments account and income and expenditure account
6.Difference between receipts and payments account and cash book
7.Difference between NPO and profit organisation class 12
S.NNPO Chapter Solution
1.TS Grewal NPO Chapter solution 2021-22 Edition
2.DK Goyal NPO Chapter solution 2021-22 Edition
3.SK Sharma NPO Chapter solution 2021-22 Edition
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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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