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PLease help me answer this it's urgent . An old machine with the book value of 80000 is exchanged for a new machine of 240000. The old machine is valued at 50000 for exchange purpose by exchange tools Ltd. . Give the journal entry. |
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Answer» Explanation: New Machine A/C. Dr. Rs.2,40,000 To OLD machine A/C. Rs.50,000 To CASH A/C or Bank A/C. Rs.1,90,000 (Being new MACHINERY bought by EXCHANGING old machinery ) Profit and Loss A/C. Dr. Rs.30,000 To Old machine A/C. Rs.30,000 (Being loss on exchange of old machine) READ more on Brainly.in - brainly.in/question/5816151#readmore |
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