Show how financial liabilities, equity or financial asset is to be recognized in each of the following cases:

(i) A co-operative society has 500 members each holding 100 units of ₹10 each. The statute of co-operative society provides for the redemption of units at the initiation of members but in none of the cases total number of members shall fall below 450.

(ii) A mutual fund has 1,00,000 units of ₹10 each, the mutual fund is an open-ended fund the redemption is subject to NAV (net asset value) based price at the option of unit-holders.

(iii) A co-operative society has 1500 members each holding 100 units of ₹10 each. The statute of co-operative society provides for the redemption of units at the initiation of members without any condition.