Assume that machine, with a carrying amount of Rs$.45,000($Cost Rs$.50,000$ and accumulated depreciation: Rs$.5,000),$ is given in exchange for another similar machine. The exchange is considered to have no impact on future cash flows $($or present value thereof$)$ of the business as a whole.

Required:

Discuss how this should be recorded in the general ledger, if at all, assuming that:

The fair value of the machine given up is Rs$,30,000($the fair value of the newly acquired machine is unavailable$)$;

The fair value of the newly acquired machine is Rs$.30,000($the fair value of the machine given up is unavailable$)$; and

Neither the fair value of the machine given up nor the machine acquired is available.