VMA Corporation purchased an office Equipment for Rs. 650,000 with estimated life of 10 years and salvage value of Rs. 50,000 on April 05, 2012. They used Straight Line Method for charging...

VMA Corporation purchased an office Equipment for Rs. 650,000 with estimated life of 10 years and salvage value of Rs. 50,000 on April 05, 2012. They used Straight Line Method for charging Depreciation. On September 23, 2016 they exchanged this Equipment with a new one having price of Rs. 800,000. At time of exchange the trade in allowance was agreed at 350,000. For this new machine they decided to use Diminishing Balance Method at 30%. The new equipment was sold on Feb 3rd, 2021 at 25% of its purchase price. They use monthly policy of charging Depreciation. Their accounting year ends on December 31^st each year.

Required:

Prepare General Journal for all above accountable event especially Exchange and Sale of Equipment in chronological order. (Assume profit or loss is being recognized at the time of disposal)

Note: You need to upload File of solution, this file may be handwritten pdf or snapshot of handwritten in MS word documents.