An old machine with, book value of 40,000 is
exchanged for a new machine of 1,20,000. The old machine is valued at 30,000 for the
exchange purpose by X Ltd..
Rent paid 6,000 half of premises used by owner for its personal use
Ram became insolvent and a final divident of 50 paisa in a rupee was recieved by a debt 1000
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Answer:
new machine a/c Dr 1,20,000
to old machine a/c 30,000
to bank a/c 90,000
drawings a/c Dr 3,000
rent a/c Dr 3,000
to bank a/c 6,000
cash a/c Dr 500
bad debt a/c Dr 500
to Ram a/c 1,000
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