General
Asset Exchange (Equipment for Vehicle)
Trading an old machine for a company car, including a cash adjustment.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Vehicles (New Asset) | Asset (+) | 15,000.00 | - |
| Accumulated Depreciation | Contra-Asset (-) | 5,000.00 | - |
| Equipment (Old Asset) | Asset (-) | - | 18,000.00 |
| Cash | Asset (-) | - | 2,000.00 |
💡 Accountant's Note
To record an exchange, you remove the old asset and its depreciation, record the new asset at its fair value, and balance the difference as a gain, loss, or cash payment.
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QA
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.