Accounting for Fixed Assets

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, 2016. They used Straight Line Method for charging Depreciation. On September 23, 2020 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

Calculate Gain / Loss and prepare General Journal for Exchange.