Question

Record necessary Journal entries in the following cases :
(a) Creditors worth ₹ 85,000 accepted ₹ 40,000 as cash and investment worth ₹ 43, 000 in full settlement of their claim .
(b) Creditors were ₹ 16,000 . They accepted Machinery valued at ₹ 18,000 in settlement of their claim.
(c) Creditors were ₹ 90,000 . They accepted Building valued at ₹ 1,20,000 and paid cash to the firm 30,000.

Answer 1

Answer:

(a) Realisation AC Dr. 40000

To Cash AC 40000

(Being cash paid on partial settlement of creditors)

(b) No entry is passed since full settlement of creditors is made by taking over Machinery.

(c) Cash A/C Dr. 30000

To Realisation AC 30000

Being cash received on partial settlement of creditors

Pls Give Brainiest Answer Please

Answer 2

Answer:

Refer The Attachment For Your Answer