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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B's 100 forfeited equity shares of 100each for non-payment of first and final call of 50 are reissued to c for 70 per share fully paid give the journal entries for recording forfeiture and reissue?

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

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