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Car policy

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(Querist)
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.
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CA pooja gupta

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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
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AMAR

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AMAR (Querist)
30 November 2011 under which head we deduct his salary and how we booked salary as liability of as advance from employee
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