Record Journal Necessary Entries In The Following Cases:

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Q.2. Record necessary journal entries in the following cases:

[a] Creditors worth Rs 85,000 accepted Rs 40,000 as cash and Investment worth 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 Buildings valued Rs 1,20,000 and paid cash to the firm Rs 30,000.

SOLUTION

Journal Entry

DateParticularsL.F.Amount
(Dr.)		Amount
(Cr.)
(A)Realisation A/cDr.40,000
   To Cash A/c40,000
(Creditors worth Rs 85,000 accepted Rs 40,000 as cash and Investment worth Rs 43,000, in full settlement)
(B)(No entry)
(C)Cash A/cDr.30,000
   To Realisation A/c30,000
(Creditors were Rs 90,000. They accepted Buildings valued Rs 1,20,000 and paid cash to the firm Rs 30,000)
Creditors worth Rs 85,000 accepted Rs 40,000 as cash and Investment worth Rs 43,000, in full settlement)

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