Question 2 continued
6.The cashier then makes a listing of the cheques ,which is then used by the Credit Manager to post
to the Accounts Receivable ledger.
7,The cheques from credit customers and the receipts from cash sales are banked daily by the Cashier,except for once a week when sufficient cash is retained to reimburse petty cash .
8. The Credit Manager posts remittances(cash received) from Accounts Receivable using a computerised accounting system and verifies any cash discount allowable to them .
9. The Credit Manager obtains approval from its Head Office to write off bad debts .Any subsequent
cash received from these debtors is credited to sundry income
Required:
1.Descibe the control weaknesses in accounting for cash receipts
2.Suggest improvements in the internal control to overcome the weaknesses.
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