Answer to Question #320217 in Accounting for lydia

Question

Ubisoft Entertainment is a partnership of exclusive game distributor who specialist in electronic arts and play stations. The two partners who shares profit and losses equally are the brothers Arthur and Blaise. Arthur and Blaise youngest brother Claude recently graduated as a sound engineer and Arthur and Blaise decided to admit Claude as a third partner of Ubisoft Entertainment on 1 January 2021.

Required:

2.1Prepare the statement of profit and loss and other comprehensive income for the year ended 31 December 2020 for Ubisoft Entertainment.

2.2Prepare the Profit Appropriation account as at 31 December 2020 before Claude was admitted as a partner

2.3Provide Journal entries for Claude admission as a partner on 1 January 2021.

Answer 1

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