What will be the accounting entry for sale of new car in exchange of an old car both at the time of acquiring the old car and later reselling the same in exchange.
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Exchange car accounting entry
Replies (2)
Old Car Purchased @ 300000
New Car @ 500000
Depreication till date @ 200000
Reduced old car Value @ 100000
New Car A/c Dr 500000
To Old Car A/c 100000
To Bank A/c 400000
please clarity me the same
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