Group gratuity scheme in lic

This query is : Resolved

sumeet (Querist)
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21 April 2013 The Company has taken a Group Gratuity Scheme from LIC and has paid Rs. 125,000 towards the same.
Please suggest me regarding the journal entries to be booked and the accounting treatment of the same in Revised Schedule VI.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 September 2013 incase you have liability, you can debit the liability and credit the bank, otherwise debt as prepaid gratuity

need to show under other provisions

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 September 2013 incase you have liability, you can debit the liability and credit the bank, otherwise debt as prepaid gratuity

need to show under other provisions

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