Question

Exchanged our furniture of ₹30,000 against a moto car of the same value for business (journal entry)

Answer 1

Answer:

Motor Car A/c    Dr    30000

      To Furniture A/c       30000

Explanation:

Whatever comes in is Debited and whatever goes out is credited.

Here motor car is being purchased in exchange of Furniture being sold.

Thus Motor car will be debited and furniture account will be credited because it is being sold for the same.

Answer 2

Motor car A/c ---------Dr. ₹30, 000

To furniture A/c----- ₹30, 000

Explanation:

(being sold for same)