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exchanged old furniture for new,the value of old furniture
was rs 350 while the vaue of new furniture was rs 900
balance paid in cash
what will be the journal entry according to you

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exchanged old furniture for new,the value of old furniture was rs 350 while the vaue of new furnitu..

Answer / maya

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

Is This Answer Correct ?    4 Yes 2 No

exchanged old furniture for new,the value of old furniture was rs 350 while the vaue of new furnitu..

Answer / yogendra.c

Dr. (New)Furniture A/c - 900 (Real A/c, Dr.Comes in)
Cr. (Old)Furniture A/c -350 (Real A/c, Cr. Goes out)
Cr. Cash A/c - 550 (Real A/c, Cr. Goes out)

Is This Answer Correct ?    4 Yes 2 No

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