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Question 1: (25 marks) On 14 November 2023 Flying Solo Airlines (Pty) Ltd...

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Accounting

Question 1: (25 marks)
On 14 November 2023 Flying Solo Airlines (Pty) Ltd had a sale on their return tickets from
Johannesburg to Cape Town. As a result, 15 return airline tickets of R1250 each were sold
to passengers travelling in May 2024.
Payment for these tickets were made by the passengers on the 15 November 2023 and
transferred into Flying Solo Airlines (Pty) Ltds bank account. Payment was reflected in the
bank account on the 17 November 2023.
The financial year end of Flying Solo Airline (Pty) Ltd is 31 December 2023.
Required:
Advise Flying Solo Airline (Pty) Ltd on how the sale of the airline tickets should be classified
and measured in the financial statements for the year ended 31 December 2023.
Your answer should refer to the elements of financial statements as identified in the
Conceptual Framework.

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