Car policy
This query is : Resolved
28 November 2011
Our co provided car to his employees on following terms.
20% of Car value is paid by employee to company and company pay 100% to vendor and car purchased in name of company.
after five years car will transfer in name of employee and employee bear the transfer cost.
All running & etc exp will born by employee.
during 5years terms a installment will be deducted from employee salay as per following calculation.
Installment amount = Total car value - 45% of car value- 20% of employee contribution – divided by 60 months
Please let me know the proper entries which we book in our books.
20% of Car value is paid by employee to company and company pay 100% to vendor and car purchased in name of company.
after five years car will transfer in name of employee and employee bear the transfer cost.
All running & etc exp will born by employee.
during 5years terms a installment will be deducted from employee salay as per following calculation.
Installment amount = Total car value - 45% of car value- 20% of employee contribution – divided by 60 months
Please let me know the proper entries which we book in our books.
CA pooja gupta
(Expert)
29 November 2011
while purchase car entery will be:
car a/c Dr.
To Abc Ltd.(from whom car Purchased)
on the amount which was born by the company.
you have to deduct monthly instalments from the salary of concerned employee
car a/c Dr.
To Abc Ltd.(from whom car Purchased)
on the amount which was born by the company.
you have to deduct monthly instalments from the salary of concerned employee
30 November 2011
under which head we deduct his salary and how we booked salary as liability of as advance from employee
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
