Books of Accounts to be maintained by Employees Group Gratuity Trust

[Mutyam Vissamsetti]

Hi Anyone,

Can you help me in knowing the list of books of accounts to be maintained by Employee Group Gratuity Trust which is an approved trust by CIT. Also, would like to know the journal entries to be recorded for the below transactions in the books of trust:

1. Receipt of contribution (not initial contribution) from the company.

2. Remittance of contribution to Insurance company (Fund contribution).

3. Receipt of request from the employee towards processing of gratuity claim (Eligible employee).

4. Receipt of fund payout from Insurance company against the gratuity claim processed.

5. Payment / disbursement of gratuity to employee from trust by cheque or ECS.

At the financial year end, along with the following are there any specific statements to be drawn as part of Annual Accounts.

1. Receipts and payments account.

2. Income and Expenditure account.

3. Bank Account.

4. Gratuity Fund Balance Account.

With Kind Regards,

Mutyam.