$ Mack and Hunt agreed to combine their businesses and form a partnership to trade as M&H Trading Ltd. The Balance Sheets for their respective individual trading operations are shown below.' Mack Trading Co. Hunt Trading Co. Balance Sheet Balance Sheet As at November 1, 2020 As at November 1, 2020 Assets $ Assets Bank 6,000 Banke 8,000 Accounts Receivable 13,000 Accounts Receivable 7,000 Inventory 23,000 Inventory 12,000 Van 14,000 56,000 Premises 70,000 Total Assets 56,000 Total Assets Liabilities Liabilities Accounts payable 16,000 Accounts payable 7,000 Loan 5,000 21,000 Bank overdraft 7,000 Mortgage 45,000 Owners Equity 35,000 Owners Equity 14 97,000 14 59,000 38,000 e The following terms were agreed to on formation of the partnership: Mack's Accounts Receivable were expected to realise $12,000 and the van had an agreed value of $10,000 Hunt's premises were taken into the partnership accounts valued at $85,000 and Hunt is to settle the bank overdraft herself Required; i. Prepare general journal entries to give effect to the above ii. Prepare the Balance Sheet of M&H Trading Ltd. as at November 1, 2020- QUESTION 3 Part B i. 64 tttte 0 QUESTION 3 Part B ii. M M&H Trading Ltde Balance Sheet as at 1 November, 20202 0 1 42 le 0 III 2 1 la 10 0 0