Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 43,000, in full settlement of their claim.

Pass necessary Journal entries in the following cases:

(a) Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 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.