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.
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
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