Question

Exchanged old furniture for new, the value of old furniture was Rs. 350 while the value of new furniture was rs.900, balance paid in cash .
pass journal entry. If you don't know, then don't answer me .​

Answer 1

A2A

Answer :

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Journal Entry :-

New Furniture Ac Dr....900/-

To, Old Furniture Ac Cr...350/-

To, Cash Ac Cr.........550/-

(Being New asset were purchased by EXCHANGING old asset, and balance paid in CASH )

hope it helpful for u..

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Thanks & Good day :)

©Sachin BhaleRao...

Answer 2

Answer:

M/s Ashoka and co. who owe rs.6000 became insolvent .Only 30% of the amount is realised.Pass journal entry.

Explanation:

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