A quick way to check this is to flip the definition around and ask what electronic record is not, rather than list what it is. Anything that never passes through an electronic medium, whether for creation, transmission, or storage, falls outside Section 2(1)(t), no matter what its content is.
Applying the negative test, asking what has no electronic footprint at all, correctly isolates Statement IV as the sole exclusion, leaving I, II and III as electronic records.
Another way to work through this is to picture a concrete real-world example for each statement and ask whether the IT Act, drafted to be technology neutral, would treat that example as an electronic record.
Testing real examples against the Act's technology-neutral purpose confirms that Statements I, II and III are electronic records while Statement IV, a purely paper record, is not.
The correct answer is therefore I, II and III.