Hi Ashok,
The payroll will get processed retro for Nov'14 in Dec'14 and the payment will happen in Dec'14.
The actual run for Nov'14 is already completed.
You can't run payroll for Dec'14 in Dec'14 for employee terminated in Nov'14. But you can run payroll for Nov'14 in Dec'14 for employee terminated in Nov'14.
Regards,
Vivek Barnwal