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

New Asset A/c Dr 900

To old asset 350

To Cash 550

being new Asset puchased by exchanging the

old one and the balance paid in cash