account questions

Q1.
on the 15th jun 06,ABC bookshop delivered$2500 worth of books to winsom newsagency with an invoice.winsom new sagency sent a cheque to ABC on the 10th aug 06.

using the 'framework' definition of income and the recognition criteria in accoubting standard AASB 118,discuss if the above transaction is income and whether it should appear in the income statement for the year ended 20 jun 06.

Q2.
on the 15th jun 06,the owner of ABC bookshop,boland withdrew $7500 cash from the business bank account for personal use.

does thw above transaction create an EXPENSE foe ABC bookshop?discuss using the 'framework' definition.

Q3.
mr. meney,the owner of the ABC bookshop,is concerned about the internal control procedures that are in place to protect the cash of his business.mr. meney has sought your advice on how he can improve the management of this vital asset.

peter,an employee,maintains the accounting records.peter also helps out at the sales counter during busy periods.peter removes the money from the cash register at the end of each working day.peter places the money in a safe and deposits the money into the bank every friday.

last week the cash register,valued at $3000,and its contents,was stolen during a robbery.

peter is allowed to sign cheques for amounts up to $20000 without needing mr. meney's authorisation.

REQUIRED
identify any interal control weaknesses thay are apparent in the way that the busy bookshop handles cash.