The aim of present work is the evaluation of mechanically subcooled simple vapour compression refrigeration system on the basis of energy and exergy analysis, and compatibility of alternative low GWP and zero ODP HFOs R1234yf and R1234ze to replace HFC 134a. A computer program has been developed in Engineering Equation solver software to compute the system performance parameters such as COP, exergetic efficiency, total exergy destruction and exergy destruction ratio. The effect of degree of subcooling (5 to 30℃), evaporator temperature (-30℃ to 15℃), effectiveness of liquid vapour heat exchanger (0.2 to 1.0) and compressor efficiency (0.4 to 1.0) has been investigted on the performance parameters viz. exergy desturction, exergy destruction ratio (EDR) and exergetic efficiency of the system components. The results of current analysis highlight that the R1234ze is the best alternate refrigerant considered in the analysis and can replace R134a as the COP and exergetic efficiency of R1234ze are 1.87% and 1.88% more than that of R134a for 30℃ of subcoooling. However, R1234yf offers lower performance than R134a. The components condenser and evaporator are the sites of highest and lowest exergy destruction respectively for the refrigerants considered.