Gratuity payable

This query is : Resolved

lakshmi (Querist)
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06 January 2020 Dear Team,

We have passed journal entry for Gratuity payable dated 31.3.19 as follows:
Gratuity A/c Dr
To Gratuity payable A/c

If there was no gratuity paid for the payable amount entered earlier and the new provision has to be created for the FY 19-20.
In this scenario, what about the old payable balance entered on 31.3.19.

Will that be added to current year provision? Or is there a cancellation entry for the old amount?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 January 2020 Reverse old provision........

Message likes : 1 times

lakshmi

lakshmi (Querist)
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06 January 2020 Thank you so much Sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 January 2020 Welcome................

lakshmi

lakshmi (Querist)
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08 January 2020 When I am reversing the entry for Gratuity payable, the net Gratuity amount is coming as a difference between old amount and new entry .

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