Gratuity Accounting Entry
This query is : Resolved
04 August 2008
Hi mates,
this company i audit maintains a trust for the gratuity fund with LIC,can anyone pls brief me up on all the accounting entries to be passed while making:
1)annual payment to the fund
2)provision for gratuity payment
3)interest on gratuity fund(recvd)
4)insurance premium for gratuity
5)payment of Gratuity
i found out the following account heads in the tally prog. relating to gratuity
Insurance Premium gratuity, SBI gratuity(bank account), LIC of India, Interest on gratuity LIC deposit,SBI(main bank a/c),gratuity
this company i audit maintains a trust for the gratuity fund with LIC,can anyone pls brief me up on all the accounting entries to be passed while making:
1)annual payment to the fund
2)provision for gratuity payment
3)interest on gratuity fund(recvd)
4)insurance premium for gratuity
5)payment of Gratuity
i found out the following account heads in the tally prog. relating to gratuity
Insurance Premium gratuity, SBI gratuity(bank account), LIC of India, Interest on gratuity LIC deposit,SBI(main bank a/c),gratuity
03 October 2008
Entry only in Company books:
1)Gratuity Payable to Gratuity fund Dr.
To Bank
2)Profit and loss a/c Dr.
To Gratuity payable to Gratuity Fund
3)No entry, as the liability is net after interest.
4)Insurance premium Dr
To bank
5)No entry as the payment is settled by fund.
1)Gratuity Payable to Gratuity fund Dr.
To Bank
2)Profit and loss a/c Dr.
To Gratuity payable to Gratuity Fund
3)No entry, as the liability is net after interest.
4)Insurance premium Dr
To bank
5)No entry as the payment is settled by fund.
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