Question 9: Part 2 The contributed equity account of Bay Limited is as follows: Contributed Equity A/C Date Details Debit Date Details Credit 15/7/17 Bank 1,800,0001/4/2017 Bal. b/d 8,000,000 |(1,000,000 ordinary shares) 15/7/17 Cancelled Share 600,000 20/12/2017 Land 3,000,000 Reserve 31/3/2018 Bal c/d (1,000,000 8,600,000 ordinary shares) (11,000,000 11,000,000 Required With reference to the above ledger accounts, describe the balances and transactions for the year ended 31 March 2018 Question 10: Part 1 Briefly describe the conditions that must be fulfilled before revenue from sale of goods can be recognised. Question 10: Part 2 (a) Briefly explain the term "economic benefits" and how it is related to the recognition of income. (b) Briefly explain the term "fair value and its relevance for revenue recognition. 1