Question - 06

Record necessary journal entries in the following cases :
  1. Creditor worth Rs. 85,000 accepted Rs. 40,000 as cash and investment worth Rs. 43,000 in full settlement of their claim.
  2. Creditor were Rs. 16,000 they accepted machinery valued at Rs. 18,000 in settlement of their claim.
  3. Creditors were Rs. 90,000 they accepted building valued Rs. 1,20,000 and paid cash to firm Rs. 30,000.
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