Dear Amitha,
Are you employee leaving your company or you are from HR. Before employees quit their company, they are expected to take clearance from the each department. In the course of their clearance they need to return the company's assets to the respective department. The signature of HOD on the clearance form itself signifies that there are no dues against the exiting employee.
Secondly, within department while handing over the charge, Handing over/Taking sheet is used. This is a simple form wherein heading is given as handing over/taking over sheet. Later the items that needs to be handed over are listed out. If required product description may be given. At the bottom of the page, name, designation, signature and date of the handing over and taking over person are endorsed. This is also a part of the clearance.
Later exiting employee is issued "No Due Certificate". Generally this is issued by HR or GM/VP of the company.
Hope this solves your query.
Thanks,
Dinesh Divekar