Y Ltd traded a piece of equipment with an original cost of Rs 12,000 and accumulated depreciation to date of Rs 9,600 for another piece of equipment which had a list price of Rs 18,000 The payment for the new equipment consisted for a trade in allowance of Rs 4,200 on the old equipment plus Rs 13,800 cash The old equipment could have been sold for Rs 3,300 cash You are required to give entries to record the exchange

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Cost of the new equipment Trade in allowance 18000 4... View the full answer