8 :- Pass necessary journal entries in the following cases:
(a) Creditors of Rs 85,000 accepted Rs 40,000 in cash and Investment of Rs 43,000 in full settlement of their claim.
(b) Creditors were Rs 16,000. They accepted Machinery valued at Rs 18,000 in settlement of their claim.
(c) Creditors were Rs 90,000. They accepted Building valued at Rs 1,20,000 and paid cash to the firm Rs 30,000.
Solution :-
