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In each of the situations below, state whether the financial asset and financial liability may be offset in the books of Sunset Tours Ltd A

In each of the situations below, state whether the financial asset and financial liability may be offset in the books of Sunset Tours Ltd A as at 30 June 2019 and explain why.

(a) Sunset Tours Ltd owes Helicopter Ltd $500 000, due on 30 June 2020. Joyflights Ltd owes Sunset Tours Ltd $300 000, due on 30 June 2020.

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