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Group gratuity scheme in lic

This query is : Resolved 
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(Querist)
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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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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