1. Write a memo to a director of RASP Ltd explaining five principles of internal controls and how they can be applied in his/her company.
2. Discuss principles of internal control of cash receipts applicable to universities
3. Using information provided in the case above, prepare the following:

1. Share Applicants Account.
2. Allotment Account.
3. 1^st and Final Call Account.
4. Share Premium Account.
5. Balance Sheet.