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The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner and prepare the journal

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Answer #1
1 Date Account Debit Credit
December, 31 Summer's Capital A/c 30000
Winter's Capital A/c 20000
Fall's Capital A/c 10000
      To Cash A/c 60000
2 December, 31 Summer's Capital A/c 33000
Winter's Capital A/c 27000
       To Fall's Capital A/c 4000
      To Cash A/c 56000
3 December, 31 Summer's Capital A/c 33000
Winter's Capital A/c 27000
      To Cash A/c 56000
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