what means forfeiture gratuity Related: Payment and Forfeiture of Gratuity - Payment of Gratuity Act(1972), Industrial Laws?

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what means forfeiture gratuity Related: Payment & Forfeiture of Gratu...

Gratuity is a defined benefit plan given by the employer to the employee for rendering services continuously for five years or more. It is a monetary benefit usually given at the time of retirement. But there are certain rules that make an employee eligible to receive gratuity before the age of retirement or superannuation.

According to the Payment of Gratuity Act, 1972, an employee is eligible to receive gratuity if he has rendered continuous service for at least five years with an organisation. This gratuity is payable to the employe

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The Directors of company forfeited 100 equity shares of face price Rs. 10 each and issue price of Rs. 15 each for non - payment of the first call of Rs. 2 and final call of Rs. 2. These shares were reissued to one of the directors upon payment of Rs. 8 as Fully paid up. pass journal entries of forfeiture , reissue and settlement of share forfeiture account. Related: Share Capital - Alteration Of Share Capital, Advanced Corporate Accounting?

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Pass journal entries for the forfeiture and re-issue in the following cases: (1) A Ltd. forfeited 100 shares of 10 each fully called-up for non-payment of first call of 3 per share and final call of 3 per share. All of these shares were re-issued as fully paid for 10 per share. (ii) B Ltd. forfeited 400 shares of ₹10 each fully called-up for non-payment of final call of 3 per share. 300 of these shares were re-issued as fully paid for 78 per share.?

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what means forfeiture gratuity Related: Payment & Forfeiture of Gratuity - Payment of Gratuity Act(1972), Industrial Laws?

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