=+ (b) By arrangement with Motor Sales Ltd., an old motor lorry, standing in Basset's books at

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(b) By arrangement with Motor Sales Ltd., an old motor lorry, standing in Basset's books at a value of £650, is accepted in part exchange at a value of £600 against the purchase from them, on credit, of a new lorry costing £1,150. Give the necessary entries in the Journal proper of William Basset, a merchant, in respect of this transaction.

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