A, B, C working independently can do a piece of work in 8, 16 and 12 days respectively.

Let the total amount of work be LCM $(8, 16, 12) = 48$ units

So, Efficiency of A = $48/8 = 6$ units/day

Efficiency of B = $48/16 = 3$ units/day

Efficiency of C = $48/12 = 4$ units/day

The amount of work done in 3 days (Monday + Tuesday + Wednesday) = $6 + 3 + 4 = 13$ units Thereafter, the amount of work done in subsequent 3 days (Thursday + Friday + Saturday) = $6 + 3 + 4 = 13$ units

Thereafter, the amount of work done in subsequent 3 days (Sunday + Monday + Tuesday) = $6 + 3 + 4 = 13$ units

Thereafter, the amount of work done in subsequent 2 days (Wednesday + Thursday) = $6 + 3 = 9$ units

So, amount of work done in 11 days = $13 + 13 + 13 + 9 = 48$ units

So, work will get finished in 11 days on Thursday. It means that Statement 1 is correct, but Statement 2 is incorrect.

Hence, option A is correct.