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A Review of the Accounts Receivable (Sales Ledger) of Cookridge Carpets
Finance & Accounting
Pages 15 (3765 words)
Title page A Review of the Accounts Receivable (Sales Ledger) of Cookridge Carpets Name AAT Words Name Kaplan. Methodology I carried out secondary research to understand the concept of internal control and systems. I read some books pertaining to the internal control and accounting systems…
Executive summary The sales ledger of Cookridge Carpets has numerous weaknesses. Stefan himself decides that the existing credit term policy is not appropriate and subsequently changes it with the policy requiring check the credit worthiness of the potential customers. Stefan not only records the sales order but also accounts for the payment from the customers. The segregation of duties may be employed as a way to introduce completeness and accuracy in the receivable accounts of the company by employing additional personnel in the accounts department responsible for recording and maintaining the payment portion. 1-Business Overview PIC 1.1 Cookridge Carpets Ltd is a large carpet, soft furnishings and bed Dealership Company located in Southampton. The company was established in the year of 2007, works as the main dealer for Memo@memory foam beds and mattresses. The company is owned by two brothers Peter and John Cookridge. 1.2 PIC 1.3 the Cookridge Carpets has three major stakeholders: Suppliers, customers, and staff. Memo Beds, in the year of 2010, offered the main dealership to the Company in the area of Southampton as the local dealer for the Memo Beds. The Company provides its services to the local residents of the Southampton and the local residents are the main customers of the Cookridge Carpets. The owners of the business have a considerable experience in direct sale of carpets and beds to the locals. ...
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