A Internship Report and Viva ON: " Study On Basic Accounting and Finalisation of Books of Accounts"
A Internship Report and Viva ON: " Study On Basic Accounting and Finalisation of Books of Accounts"
Submitted by
Mohammad Shahil
Submitted by
Mohammad Shahil
I the undersigned solemnly declare that the project report work entitled “Study on Basic
Accounting and Finalisation of Books of Accounts”at Amit Rai & Co. Chartered
Accountant, Bhilai, (C.G.) is based on my own work carried out during the course of my study
under the supervision of Miss Nimisha Ahuja
I assure that the statements made and conclusions drowns are an outcome of my
project report work. I further declare that the to the best of my knowledge and belief the report
does not contain any part of any work which has been submitted for the award of MBA degree or
any other degree/diploma/certificate in this university or any other university of India or abroad.
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CERTIFICATE
This is to certify that the work incorporated in the report “Study on Basic Accounting and
Finalisation of Books of Accounts”at Amit Rai & Co. Chartered Accountant, Bhilai, (C.G.)
is a record of research work carried out by Mr. MOHAMMAD SHAHIL bearing Enrollment
no. CB3593 under my/our guidance and supervision for the part fulfillment for the award of
MBA Degree of Chhattisgarh Swami Vivekananda technical University, Bhilai (C.G.),India.
iii) Is up to the desired standard both in respect of contents and language for external viva
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INTERNSHIP REPORT
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PREFACE
_____________________________________________________________________________________
This project has been prepared in partial fulfilment of the requirement for the Internship
The project work is basically meant to acquire knowledge about “Study on Basic
Accounting and Finalisation of Books of Accounts”at Amit Rai & Co. Chartered
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ACKNOWLEDGEMENT
I would like to take this privilege, to specially thank respected Miss Nimisha Ahuja for her kind
support and valuable guidance which helped me to complete this project. I am thankful to Dr.
Souren Srakar (HOD) Department of management who has given me opportunity to do this
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TABLE OF CONTENT
Chapter-1 Introduction to the study 2
References 17
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CHAPTER-1
INTRODUCTION OF THE STUDY
This report titled ‘Basic Accounting and Finalisation of Books of Accounts’: An Internship
Experience in Amit Rai & Co. – is written to represent the 240hrs of internship program
done in Amit Rai & Co Chartered Accountants. This report is a blend of the knowledge
of undergrad program and the experience of practical field.
The first part of the report consist on introduction to internship and its importance
followed by the overview of the project and its details.
The second part of the report contains of organization’s profile of Amit Rai & Co.And the
third part of the report consist on outline of task undertaken.
Then I have discussed about my learning in the whole internship that is all about the
terminologies. I have made it possible to write each and every thing that I have learnt
there. I have all my practical efforts in the form of this manuscript that’s the asset for my
future career.
In last part, I have drawn an overall conclusion and attached all documents in require to
college.
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CHAPTER-2
INDUSTRY PROFILE
Organization is working as Chartered Accountant firm under the rules and regulations
and code of ethics of designed for CA firms by ICAI (The Institute of Chartered
Accountant pf India).
The Institute of Chartered Accountant of India (ICAI or The Institute) was the
established as statutory body on July 1, 1961 under Chartered Accountants Ordinance,
1961 to regulate the profession of accountancy in the country.
ICAI is governed by the council which consist of nineteen members. Fifteen members
are elected from amongst the members for a period of four years. The remaining four
of the council members are nominated by the Government of India.
These Kinds of firms provide different Kinds of professional services like Audit,
taxation, and management consultancy to its clients.
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The Chartered Accountant course is conducted by the Institute of Chartered Accountants of India
Which has its headquarters in New Delhi, 5 regional office (Kolkata, Knpur, Chennai, Mumbai,
MISSION OF ICAI
VISION OF ICAI
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CHAPTER-3
COMPANY PROFILE
ORGANIZATIONAL STRUCTURE
A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being “above” ”Below” or “or at the same level as” one another and
with only one “neighbor” above and below each level. The classifications are made with regard
to rank, importance, seniority, power status or authority. a hierarchy of power is called a power
structure following is the organizational hierarchy of the firm. ;-
Partners
Directors
Senior managers
Managers
Supervisors
Senior Trainees student
Junior trainees
Various level of the firm Have different functions. Partners are often the founders of the firms.
Most of the firms’ names are associated with the names of partners. They are basically the
main parties who issue and sign any report (specifically audit report) on behalf of the firm.
Partners mostly communicate with the senior managers. In other words, the progress of any
report and any enquiry Is made from the senior managers and hierarchal structure is strictly
followed to avoid any disruption.
Managers are inquired of by senior managers and mostly manager manage audit field works
etc. and after field work managers with cooperation of senior managers makes and finalize any
audit report to be issued senior manager is a qualified chartered accountant having more than
10 year working experience.
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Field work and information collection and implementation of policies by adopting changes in
rules & regulations is the main responsibility of supervisors and trainees. They use different
kind of techniques for error and fraud detection.
Amit Rai & Co. is a leading chartered accountant firm. It is rendering comprehensive
Professionals services which include audit, management consultancy, tax consultancy,
accounting services, manpower management, secretarial services etc.
Amit Rai & Co. a clear vision for the future growth and development of financial markets and
services and researches to stay ahead of these and development. Amit Rai & Co. Moulds it
operations and areas of competencies and introduce service so as to assist clients in their
business operation and growth
DEPARTMENTS OF CA COMPANY
Amit Rai & Co. CHARTED ACCOUNTANTS is having its head office in Raipur. Almost all
the controls and regulation are dealt at head office in Raipur.
Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies, NGO and partnership, firm also performs
special assignments which include management audits, internal audits, and investigation, audit
focuses on business issues and the matters that can impact on the financial statements, whilst also
retaining the basic audit procedures that test the information contained in the financial
statements. Services are aimed to comply with the legal requirements as defined under the
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various law and regulation in India. In doing so firm not only identify the non-compliances but
also assist clients in its rectification, designing remedial measure and provides guidance to
adhere with the laws and regulation. Firm always endeavor to meet reporting deadlines as set out
by the laws and regulation or as mutually agreed with clients, without compromising the
professionals, legal and ethical requirements.
Firm delivers taxation service to clients and assists them in obtaining optimal tax benefits
available under the laws. Firm also assist clients to comply with the tax rules and regulation and
always keep them updated with the latest developments and amendments. Tax personnel are
qualified professional, experienced and knowledgeable. We maintain a comprehensive tax
library which always provides ready reference and timely solution in complex situations. Firm
provide a comprehensive range of tax services which includes;
In Amit Rai & Co. same staff is handling with tax matters as well as corporate sector, while in
corporate firm provides different kinds of service relating to corporate sector from incorporation
to winding up of a company.
COMPUTER DEPARTMENT: -
Department handles the computer related matters and assist other departments in working
properly and efficiently. Departmentally deals with online filing of returns of income tax
department and finalize audit report in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be faced by computer users
time to time.
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CORRESPONDENCE DEPARTMENT:
It handles with all the correspondence of the firm by sending the solicited and unsolicited
information from time to tie. Effectively and efficiently manage the day-to-day operations of
the correspondence. Interact with the clients to resolve policy and customer issue. Identify
trends and remove obstacles in statement production and delivery by properly maintaining
record of all communication for future reference
HR DEPARTMENT: -
This department is mainly concerned with the recruitment, hiring/firing of the firm and this
department presents the timely reports on effective utilization of the resources by the firm. A
purpose of the human resource is to keep the trained employees and recruit new energetic staff to
work. Another purpose of this department is to provide a good working environment for staff and
try to make by facilitating them and arranging some recreational activities for them, HR knows
the real worth its employees so cares for them and motivate them to work more efficiently and
diligently.
The hierarchy adopted by Amit Rai & Co. is in accordance with the legal structure a CA firm
shall have. Although the ICAI rules permit of not having the supervisors and does not make it
mandatory having senior manager and manager. Yet this goes as additional benefit for the firm
of having such an extensive hierarchy.
CORPORATE SERVICES
✓ Incorporation of company.
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✓ Filling of annual returns and various forms, documents.
✓ Clause 49 review for compliance with fiscal, corporate and tax laws
SERVICES OFFERING
COMPANY REGISTRATION: -
The most common business composition is to register a Pvt. Ltd. Company. Company
registration will enable limiting the person liability of promoters to the extent of paid up capital.
Promoters have to get DIN & check availability of the company name.
LLP REGISTRATION: -
Limited liability partnership (LLP) has benefit of the company registration & easiness of
partnership. It is apt for small business. Experienced CA firms can ease out the process within
reasonable fees.
GST REGISTRATION: -
GST registration of business Is to enable selling of goods with turnover value beyond a certain
limit. Limit may differ from state to state. It is necessary to get GST input tax credit.
Experienced CA firms can ease out the process within reasonable fees.
PROJECT FINANCING: -
Companies need funds to grow their business. Experienced CA can prepare project report for
loan financing to ensure that you get best eligible amount in the shortest time Generally, fees re
charged as percentage amount.
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ROC FILLING: -
Periodic returns/forms need to be submitted to registrar of company (ROC) For company’s act
compliance. Experienced CA firms can file timely & correct ROC filling and reasonable overall
cost.
GST RETURN: -
GST return to be filed on periodic basis by business to provide information about value of
turnover & total GST liability & mode of payment. Frequency may differ from state to state.
Delays will attract penalty. Experienced CA firms can ensure compliance with reasonable fees.
Income tax return of salaried employee can be filled with help of form 16& form 16A. form 26
AS will help you in getting information about TDS on salary. Experienced CA firm can help you
for better tax planning and reduce the TDS.
Income tax return filling is requirement of income tax act for companies/businesses. Tax audit
report helps in compliance of income tax laws. Experienced CA firms can help in reducing non-
compliance of income tax laws.
TALLY ACCOUNTING: -
Tally is most used accounting software. Small and medium sized business can take services from
CA firms who can allocate accountants to handle accounting for your business.
STATUTORY AUDIT: -
Get the statutory audit of your company under companies act from experienced CA firms.
Statutory audit is compulsory for any type of company.
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TAX AUDIT: -
Tax audit is requirement of income tax act for companies/large business. Tax audit report helps
in compliance of income tax laws & highlights key tax related in information. Experienced CA
firms can help in reducing non- compliance of income tax laws.
INTERNAL AUDIT: -
Internal audit &internal financial control testing is needed as per company’s act. Internal audit is
not as compulsory as statutory audit. Internal auditor can Added value to your business to arrest
leakage & improve control an efficiency.
AUDIT
✓ In-depth study of existing systems, procedures and controls for proper understanding
✓ Comprehensive review to ensure that accounts are prepared in accordance with generally,
Accepted, accounting policies and applicable accounting standards/IFRS
✓ Checking the genuineness of the expenses booked in accounts.
✓ Certification of the books of account being In agreement with the balance sheet & profit
& loss account.
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✓ Issue of audit report under various laws.
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CHAPTER-4
JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge that I grained during the
studies. On my first day at firm, company In-charge MR. IMRAN KHAN gave me training
session about audit and computerized accounting in tally software and also shared his practical
experience with me and gave me some techniques of this process. He also guided me that how to
prepare GST return and filing data in income tax return preparation software.
✓ Vouching
✓ Preparing books of accounts in tally
✓ Voucher entry
✓ Preparing partnership deed
✓ Intangible assets
✓ Prepare projected and other balance sheet
✓ Auditing
✓ Maintenance of accounts/book keeping
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RESPONSIBILITIES
This intern position is within the General Accounting Team and will support the team with
various projects and month end close responsibilities. The Accounting Department is responsible
for the corporate financial accounting function and the oversight of the financial accounting
processes of the company. This includes: ensuring financial statements are completed timely and
accurately in compliance with GAAP, and that our accounting records contain the information
necessary to meet our reporting requirements to internal management, for tax compliance, and
reporting of financial results to head office according to prescribed procedures.
Assisting the accounting team in researching and analyzing our financial data
Adhering to the State and Federal regulations when performing accounting duties
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CHAPTER-5
LEARNING OUTCOMES
1. Demonstrated the application of knowledge and skill sets acquired from the course and
workplace in the assigned job function/s;
2. Solved real life challenges in the workplace by analysing work environment and conditions,
and selecting appropriate skill sets acquired from the course;
5. Exhibited critical thinking and problem solving skills by analysing underlying issue/s to
challenges;
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CHAPTER-6
The Financial industry plays a vital intermediary role in the economyas it moves money
from entities with excess funds to those with a need for funds. One of the services
provided by the financial industry is of Chartered Accountants . Chartered Accountants
were the first accountants to form a professional accounting body. Chartered
accountants work in all fields of business and finance , including audit taxation, financial
and general management . Some are engaged in public practice work , others work in
the private sector and some are employed by government bodies.
Amit Rai & Co. CHARTERED ACCOUNTANTS is overall one of the profit making
and reputed firm of DURG-BHILAI . The organization since its very first day is
devoted to providing quality services. The detailed and through review of work
and clients` trust shows the perfection with which it is working.
The firm has earned a distinction of being placed in the category `A` in the list of
panel of auditors maintained by State Bank of India. Moreover, only these ``A``
category firms can audit of listed companies.
The institute of chartered Accountants of India has also carried out the quality
control review and has issued satisfactory QCR report stating that the firm has
conducted the audit of the clients in accordance with International Standards on
Auditing.
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REFERENCES
Website:-
✓ http://cleartax.in/s/income-tax-slabs
✓ http://economictimes.indiatimes.com
✓ http://www.avalara.com
✓ http://www.business-standard.com
✓ http://www.google.co.in/imghp?hi=en&tab=wi&ogbl
✓ http://www.gstcouncil.gov.in/
✓ http://myloancare.in/tax/income-tax-slabs-rates/
✓ http://www.wikipedia.org/
✓ www.google.com
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