5. Hannah and Ayesha are school friends. The two girls happen to be discussing their financial fortunes. Hannah feels rich because she has $2000 in the bank. Ayesha feels has less money, but she has many valuable possessions and feels equally wealthy. They both create the following statements: Hannah's Ayesha's Balance sheet Balance sheet May 31, 2020 May 31, 2020 Assets Bank Balance $ 2000 Assets Clothes 1500 Bank Balance $ 10 Total Assets $ 3500 i-pad 500 Liabilities and Equity Debts Owing Jewellery 1 000 0 Hannah's Capital $ 3500 Canada Saving Bonds 1 000 Total Liabilities and Equity $ 3500 Clothes 1 200 Total Assets $3 810 Liabilities and Equity Debts Owing $ 200 Ayesha's Capital 3 610 Total Liabilities and Equity $3 810 When the two girls get together to compare their balance sheets, they still cannot agree who is better off. They ask you to shed some light in the situation. Write one paragraph to the girls, discussing the above financial statements. Indicate who is better off and the reasons why. Begin with reviewing Hannah's financial situation then Ayesha's. Decide who is better off by using accounting logic, terms and concepts learned in this unit