The incoming circuit wires that provide the power are referred to as the line wires. L1 (line 1) is a red wire and L2 (line 2) is a black wire. Together, they show the motor voltage. Having both an L1 and L2 indicate that the motor voltage may be 240 volts.

Is L1 and L2 the same as 1 way and 2 way?

Two way switching means you can switch the same light fixture from two switches that are located in different sides of a room. Two way switches have a COM terminal as well as L1 and L2 terminals. When L1 is off L2 would be on. When L1 is on L2 would be off.

What Colour wire goes into L1 and L2?

Red for L1, Yellow for L2 and Blue for common. Brown for L1, Black for L2 and Grey for common. Result is Red (brown) is permant L.