Old Computer (book value ₹15,000) is exchanged for a new computer of ₹70,000 from KBC Computers. The old computer is valued at ₹10,000 for exchange purpose by KBC computers
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New Machinery A/C. Dr. Rs.1,20,000To Old machinery A/C. Rs 40,000To Cash A/C. Rs. 80,000(Being new machinery bought by exchanging old machinery)On loss of exchange of old machinery :Loss on Exchange A/C. Dr. Rs.10,000To Old Machine A/C. Rs.10,000(Being old machine exchanged on loss)
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