AND LAW Admission of new partner Arthur and Blaise's youngest brother, Claude, recently graduated as a sound er Arthur and Blaise decided to admit Claude as a third partner of Ubisoft Entertain January 2021. A revaluation of all assets and liabilities were done. It was decided following assets at their revalued amounts: Furniture and equipment N$50 000 Inventory N$121 670 All other assets and liabilities are correctly valued in the books. Goodwill will not be shown the new partnership's books. Partners will share profits in the ratio 1:1:1. Claude will acquire 25% of the net assets of the partnership, for wh pay N$150 000. Claude recently inherited money from her grandfather, so s pay for her part of the assets in cash. You are required to: 2.1 Prepare the statement of profit or loss and other comprehensive income ended 31 December 2020 for Ubisoft Entertainment. (13 marks) 2.2 Prepare the Profit Appropriation account as at 31 December 2020 before admitted as a partner. (10 marks) 2.3 Provide all the journal entries for Claude's admission as a partner on 01 Jan Journal narrations are not required. (15 marks) AND LAW Admission of new partner Arthur and Blaise's youngest brother, Claude, recently graduated as a sound er Arthur and Blaise decided to admit Claude as a third partner of Ubisoft Entertain January 2021. A revaluation of all assets and liabilities were done. It was decided following assets at their revalued amounts: Furniture and equipment N$50 000 Inventory N$121 670 All other assets and liabilities are correctly valued in the books. Goodwill will not be shown the new partnership's books. Partners will share profits in the ratio 1:1:1. Claude will acquire 25% of the net assets of the partnership, for wh pay N$150 000. Claude recently inherited money from her grandfather, so s pay for her part of the assets in cash. You are required to: 2.1 Prepare the statement of profit or loss and other comprehensive income ended 31 December 2020 for Ubisoft Entertainment. (13 marks) 2.2 Prepare the Profit Appropriation account as at 31 December 2020 before admitted as a partner. (10 marks) 2.3 Provide all the journal entries for Claude's admission as a partner on 01 Jan Journal narrations are not required. (15 marks)