A

Report On

“Accounting and Finance”

Submitted to

Kurukshetra University, Kurukshetra

In partial fulfillment of the Degree of Bachelors of Business

Administration

(Session 2021-2024)

SUBMITTED TO SUBMIT BY:

Ms. Anjali Saini Seema Devi
Assistant Professor BBA 5th Sem
Univ Roll No. -210002214

TECHNOLOGY EDUCATION & RESEARCH

INTEGRATED INSTITUTION
APPROVED BY AICTE & AFFILIATED TO KURUKSHETRA
UNIVERSITY, KURUKSHETRA

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 DECLARATION

I do hereby declare that this report for “Accounting & Finance” submitted by me for the fulfillment
of the requirement for the award of Bachelors in Business Administration (BBA) is a record of my
own research work. The report embodies the finding based on my study and observation and has not
been submitted earlier for the award of any degree or diploma to any Institute or University.

Name: Seema Devi

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 ACKNOWLEDGEMENT

It is really a great pleasure to have this opportunity to describe the feeling of gratitude imprisoned in
the core of my heart.

I convey my sincere gratitude to Mr. Karan Vadhera (Head of Department), Ms. Anjali Saini
(Faculty of Management) for their constant support and encouragement. I would also like to thank
The Kaithal Co-Operative sugar Mills Ltd, Kaithal for giving me the opportunity to prepare my
project work on Accounting and Finance

I am also thankful to my family for their kind co-operation which made my take easy.

Name: Seema Devi

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 CERTIFICATE OF THE GUIDE

This is to certify that the project report titled “Accounting & Finance” has been prepared by

Seema Devi under my supervision and guidance, for the fulfillment of Bachelors in Business

Administration. Her field work is satisfactory.

Ms. Anjali Saini

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 TABLE OF CONTENTS

EXECUTIVE SUMMARY.............................................................................................................

CHAPTER ONE: INTRODUCTION..........................................................................................

1.0 Introduction............................................................................................................................

1.1 Objectives of the Internship...................................................................................................

1.2 Scope of Internship................................................................................................................

1.3.0 Organization Profile............................................................................................................

CHAPTER TWO: MANAGEMENT OF THE PRACTICUM EXERCISE...........................

2.0 Introduction............................................................................................................................

2.1 The Role of the Finance Department.....................................................................................

2.2 Reporting and Induction by the Organization........................................................................

2.3 The Department to Which I Assigned at the Work Place.......................................................

2.4 The Role of the Site Supervisor...........................................................................................

2.5 The Role of the University Supervisor.................................................................................

CHAPTER THREE: FINDINGS AND OBSERVATIONS......................................................

3.0 Introduction..........................................................................................................................

3.1 Knowledge and Skills Acquired...........................................................................................

3.2 Personal Contribution to the Organization...........................................................................

3.3 Challenges Noticed During Internship That Are Affecting;.................................................

CHAPTER FOUR: CONCLUSIONS AND RECOMMENDATIONS...................................

4.0 Introduction..........................................................................................................................

4.1 Management of Internship at Work Place............................................................................

4.2 Comment on Findings..........................................................................................................

4.3 Recommendations................................................................................................................

4.4 Assessment of Internship Experience in Organization.........................................................

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4.5 Conclusion...........................................................................................................................
REFERENCES............................................................................................................................

LIST OF FIGURES

Diagram of the organization structure…………….……………………..………………..3

Showing employees by Gender…………………………………………………………..5

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 LIST OF ABBREVIATIONS

ADEL……………………….Agro Development Enterprise Limited

Admin ………………………Administrator

Agric………………………...Agriculture C.R.O…………………..

…...Central Registration Office CWS………………..…….....Central

Workshop

Dy. GM……………..….….. Deputy General Manager

Dy. Mgr …………..…….…….....Deputy Manager

E.R.P……………….….……Enterprise Resource Program

G.R.N………………….……Goods Received Note

GM………………….………General Manager

I.S.O………………...…..…..International standard organization

I.T…………..… Information Technology

M.I.S ………………….…….Management Information System

Mgr………………….………Manager

R and D……………….…..…Research and Development

TKCSML……………….……..The Kaithal Co-operative sugar mills Ltd

Sr. GM………………Senior General Manager

TA……………………….….. Transfer Adjustment

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Chapter one : introduction

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1.0 Introduction

The internship report was made after having internship with The Kaithal Co-Operative
Sugar Mills Ltd particularly in Finance Departments from 15/08/2023 to 30/09/2023.

This chapter contains the following background of internship; background of the

organization; location; mission; gender in the organization; organization structure; and
other main activities carried out by the organization.

1.1 Objectives of the Internship

 Gain early understanding and appreciation of the practical life real-life

situation challenges associated with application of the theoretical knowledge
acquired.
 Develop expected professional self-awareness, internalization of career job
requirements and experience.

 Develop and acquire critical skills needed to proactively observe and

analyze problems/challenges encountered while executing career duties and
responsibilities at work.
 Student gain knowledge about practical aspects of functioning of an organization
on the domestic and foreign markets with a special emphasis on finance/
accounting management in public administration, private sector, non-
governmental organizations, self-employment and other.
 Student knowledge about performing specific tasks and develop problem
identification and problem solving skills in finance management /accounting.
1.2 Scope of Internship

1.2.1 Content Scope

This internship aimed at providing the students with necessary knowledge and skill in line with
his field of accounting and finance, the intern intended to provide quick response to the public
and as well market the activities of the organization .This enable the student to generate practical
skills from the respondents in the various directorate and department of organization.

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1.2.2 Duration Scope

The intern intended to utilize the time allocated to him in practice accounting concepts as well as
transferring theory into practicals, Reconciling bank statements, client’s brief, writing monthly
financial reports. Therefore theses were executed in the period of 05 th June to 31st July as it was
allocated by the organization.

1.2.3 Geographical Scope

The organization is located at SH 8, KAITHAL, HARYANA 136027

1.3.0 Organization Profile

1.3.1 Background of the Organization of Internship

The Kaithal Co-Operative sugar Mills Limited got registered on 30/06/1970 with 2500 TCD but
its date of commissioning was 02/04/1991. The projected cost of the mill was estimated to
2994.32 Lacs. The Mill is spread over 148.60 acres and its coverage area is 32 kms. The Mills
has only one purchasing center and 13 sugar selling agents

1.3.2 Location

TKCSML is situated in Kaithal District SH8, KAITHAL , HARYANA 136027

1.3.3 Mission

The mission of is to produce high quality sugar in Kaithal to satisfy its

Customers and provide fair return on capital employed through dedicated employees and team
work.

1.3.4 Gender in the Organization

The company has over 500 employees; Figure 1.1 illustrates that 10% are females while 90% are
males. The female employees handle clerical and plantation harvest while male employees do
menial tasks

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FIGURE 1.1 SHOWING EMPLOYEES BY SEX

1.3.5 Organizational Structure

The Managing Director heads the company. The Chief Executive oversees the day to day
activities through 2 General Managers of Plantation, Factory, Administration, Material, Transport
and Finance. The company over 500 employees.

The functional areas of the organization are as follows;

Factory Department is responsible for processing sugar cane into sugar.

Motor Cane Transport deals with the transportation of harvested cane from the field to the
factory cane yard , maintenance of roads, and fueling all the company field vehicles.

Human Resource Department deals with recruitment, welfare, training, ethics, retirement and
dismissal of employees.

Plantation Department performs duties of land preparations, weeding, and

harvesting sugarcanes for manufacture of sugar.

Central Workshop is responsible for maintenance of all company vehicles and provision
of fuel.

Finance Department is responsible for financial management of the company.

Sales and marketing Department is responsible for marketing the company products in the
local and international market.

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Audit Department ensures that the company policies are implemented and all things are done
in the right manner through verifications, research and procedures.

The organizational chart is presented by Figure 1.2

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 FIGURE 1.2: ORGANIZATION STRUCTURE

Managing Director (MD)

Regional

Chief Executive (CE)

Company
Secretary 9001
ISO OFFICER

G.M SR. G.M

Sr. GM G.M Sr. Sr. G.M Finance
Agric Works Materia G.M Workshop

G.M
Audit
Plantation, Distillery, Hospital
Purchases
R&D, Factory & Schools,
(Imports &
Forestry, All Human
Local), Roads,
Diary & Operation Resources,
Disposal Bagasse, Group CRO
Floriculture Areas Legal
Canes & Audit & (Payroll).
Transport Central Accounts,
Audit Costing &
Cash Office

Sr. Mgr. G.M

Dy Mgr out Sales & G.M
Audit & C.W
G.M IT MIS Grower Marketi Security G.M.S
ng

CWS
CRO Let Expansion Out Sales & TKCSML
Central Audit Stores/Diesel
ERP Growers Marketing Security
All Tractors

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There are other departments like out growers, administration and information technology.

1.3.6 Nature and Activities of the Organization

The main activities carried out by TKCSML are sugarcane growing ; manufacturing
of plantation white sugar under the brand names Mr. Sweet, Lugosi premium and
Lugosi sugar packed in quantities ½ kg, 1 kg, 2 kg, 5 kg, 25 kg and 50 kg; carbon dioxide;
alcohol for human consumption and industrial use; and power. Those products are sold majorly
in Uganda and other East Africa Community countries. Currently power is produced
for company consumption.

1.3.7 Clients/Stakeholders of the Organization

A stakeholder could be an individual or a group of people who are interested in the business; the
people who are stakeholders can be affected by the business activities. There are internal
and external stakeholders;

Owners. Owners are the people who are interested in the business and focused or interested in
making the profit from the stakeholders. The company currently is owned by their co-operative
members

Employees. Employees or workers are the people who are working for the business and
are interested in earning the high wages such as machine operators, Cane cutters and transporters.

Customers. Customers are the people who are ready to buy the business products,
customers expect to buy the best quality from that business but at reasonable prices.

Supplier. Suppliers are the people who are willing to give their products to the business and
want the business to buy their products

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CHAPTER TWO: MANAGEMENT OF THE
PRACTICUM EXERCISE

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2.0 Introduction

This chapter details the scope of operations of the Finance Department by bringing out role of the
Department and specifically will focus on the role of the Finance department, details the
organization of the internship exercise right from the induction exercise to the farewell meeting
after the practicum and specifies the roles of both the site supervisor and the session supervisor.

2.1 The Role of the Finance Department

The Finance department shall-

 Manage all Finance activities of the company except adjudication and award of contracts ;
 Support the functioning of the Finance committee
 Implement the decisions of the Finance committee
 Check and payment Vouchers of company clients
 Prepare Payment documents
 Prepare purchase vouchers and any other contract document
2.2 Reporting and Induction by the Organization.

I reported on 15/08/2023 to the reception where the Internee Manager addressed me and other
interns. His address was directed towards enlightening all the interns on the selection
criteria that was employed for selecting successful interns, the acceptable dressing code,
code of conduct where at all times all members of the TKCSML are expected to be
presentable even when not at work and at all times hold a high impeccable standard character-
wise.

I was also enlightened about the possibility of being retained once I performed profoundly best
since Sugar Corporation Uganda limited company seeks to achieve the best out of me.

The other issue of focus was the procedure followed in the stores to manage and control
transactions which is mainly done through the ERP10 software that enhances the coordination of
Accounts activities in all the companies under SCUOL both in the headquarters and the outside
bureaus.

2.3 The Department to Which I Assigned at the Work

Place

2.3.0 Category of the department

The department I was a signed to the finance department specifically under finance unit called
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Accounts.

2.3.1 Duties of the Finance department:

The Finance department at Sugar corporation Uganda limited company has mandate to carry out
the following duties;

 Receipt of all the stock items supplied Sugar Corporation Uganda limited company
following acceptance of the stock items upon their conformity with the specifications as
specified in the purchase order and the purchase contract.
 To prepare periodic report on the stores operations to be presented to the Chief Executive
Officer.
 It is mandated to manage all requisitions for stock items by the user departments
and issues while utilizing the stock control policies in order to leverage value for money
and improve on productivity.
 They are also mandated to ensure that proper documentation regarding sale of scrap items
is generated for example Tax invoice.
 Carry out supplier reconciliation in order to sort out those particular supplier invoices for
which payment against them has not been effected and is long overdue.
 They are also responsible for maintaining a proper office layout, coding system
and allocation of space to every office item for efficient operations for example order
picking.

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2.3.2 The title of the head of the Finance department

The tittle of the head of finance is G.M Finance.

2.3.3 The responsibilities that I was assigned:

 Reconciling of bank statements to bring them in agreement with the bank books of Sugar
Corporation Uganda limited.
 Preparation, generation and posting of Tax invoices relating to Payee, Withholding
tax and excise tax
 Carrying out supplier reconciliation in order to filter out those supplier invoices for which
payment has not been effected against.
 Data entry for both days worked in a week and overtime for employees of the
company.
 Reviewing entered data for identification of any data entry errors for example
wrong treatment.
2.3.4 Offices that I have worked with and what they do

1. Accounts; this manages all Accounting activities in Sugar Corporation Uganda Limited
company
2. Payroll department; this office is responsible for processing of employee salaries
including advance payments, gratuity and end of contract fee/payment
3. The human resource office; is responsible for human resource planning and
ensuring that all the human resource requirements of TKCSML.
4. Procurement; this manages all purchasing activities in TKCSML company
5. Sales and marketing department, this manages the sales and marketing activities
of
TKCSML.
2.3.5 Relationship with other officers in executing

They were supportive and encouraged me to ask as many questions as I could about the subject
of Finance management in order to enhance my learning experience and in addition I
was assured that every member of the Account staff would be glad to give a response to
my questions.

I had to accord these officers with respect because each of them was my immediate supervisor
and was tasked to assess my performance mainly in terms of dressing and behavior and attitude
to words work for example the stores staff.

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They were friendly and supportive to the extent that there was no significant line delineating me
as an intern and them as TKCSML staff as they ensure that I felt at home at all-time specifically
by assuring me that by the fact that I was doing my practicum at Sugar Corporation Uganda
Limited company, I was a member of the TKCSML family for the whole of my internship
period.

2.4 The Role of the Site Supervisor

The site supervisor among other duties performs the following role;

 Orienting me at the beginning of the practicum by taking me through the policies

and procedures of the stores operations, goals and objective of TKCSML
 To assign work tasks to interns and fore see the performance of this tasks by interns by
guiding in time s where a challenge is met.
 Verifying and posting entered data on receipts and issues of stock items.
 Assessing my performance from time to time during the internship period
with consultation with the university supervisor.
 To complete a final evaluation form at the end of the internship.
 Discuss and develop a schedule and work plans with the students.
2.5 The Role of the University Supervisor

 To prepare the intern mentally for the practical field experience and in addition clear the
high expectations and illusions that may be possessed by the student.
 To assess the performance of the intern during the entire internship exercise.
 The university supervisor acts as a coordinator between the university and the
sight organization for the practicum.
 Assessing the internship environment on the grounds whether it is availing the student
with and objective learning opportunity for easy bridging of the gap between theory and
practice.
 To receive and mark student reports.

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CHAPTER THREE: FINDINGS AND OBSERVATIONS

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3.0 Introduction

This chapter contains lessons; experiences; new knowledge and skill gained; most
interesting experiences

3.1 Knowledge and Skills Acquired

3.1.1 Knowledge

I acquired knowledge of doing the following;

 I have mastered how to use ERP software for Accounts operations of maintaining
stock cards, supplier reconciliation among others.
 I have gained knowledge on how Accounts operations are carried out in a profit
making company. Additionally I have gained immense knowledge on
the acceptable code of conduct and dressing code in an office environment in
order to be presentable and not to offend any colleagues.
 I have gained knowledge on haw bid evaluation is managed and executed
in a profit making company where the focus is on reducing bureaucracy
while leveraging benefit to the company.

3.1.2 Skills

I learnt the following skills during:

 Computer skills on Microsoft packages of excel, word, internet skills the

operations of the different applications within Microsoft ERP and in addition how to
operate other office equipment like photocopying machines among others
 Relationship-wise, I have gained interpersonal skills that have enhance the
completion of my practicum.
 In all the tasks I performed upon completion I had to report on the final output hence
availing me with the platform of developing my Reporting skills.
 During the course of the exercise, I was able to take accurately ethical decisions
 Arrangement and Filing of taxes like VAT; Withholding Tax and PAYE based on
 Bill payment number (BPs) and at the end I learnt filing skills.

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3.1.3 How I Intend To Utilize What I Have Learnt For My Professional Development.

 I was better prepared for the since the following course units were related to the
field of work namely ; foundation of finance , principles of management ,
information technology, business communication skills , business law and company law.
These course Units helped me in easing my work for example in carrying out Party
reconciliation statements, Balance salary payable accounts, and Passing purchase
bills. This will help me to favorably compete on the labor market in the country due to
different skills and knowledge acquired from internship and this will help me to develop
my professional more.

 3.2 Personal Contribution to the Organization

 I was able to increase on the efficiency and effectiveness in the execution of company
work as well as meeting the required deadline in areas of making salary reports, making
payroll and tax process. This came when I serve to increase on the manpower available
the Accounts Unit.

3.3 Challenges Noticed During Internship That Are Affecting;

3.3.1 The Company

 Lack of enough working space in most departments which hinders employees in

performing well certain activities. .

 The passwords given to the accounts staff are given restrictively which restricts
their work.
 Fraud committed by untrustworthy employees like recording wrong figures intentionally.

3.3.2 The Workers:

 Low salaries to causal workers such as cleaner, cane cutter and security providers

 Poor accommodation characterized of old building.

 Poor feeding of workers mainly workers of the organisation feed on Posho and Beans.
 Language barrier is also another problem facing the accounts due many tribes in
the company.

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3.3.3 The Internee:

 The time period for which I was accepted to do the practicum at TKCSML was quite
short (6 weeks) for me to be able to understand all the processes, procedures on
operations of the Accounts function
  I also encountered constant challenging circumstances mainly during data entry,
there was no standard format of Entering transaction vouchers.
 Some of the doors to some offices had security control installations that required swiping
a security access card for the doors to open and yet as an intern I was not issued with this
access card
 Language barrier since the company is multinational
 I also faced a problem of getting where to carry out this exercise.
 Sometimes there is network failure which results in pending of my assignments.

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CHAPTER FOUR: CONCLUSIONS AND
RECOMMENDATIONS

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4.0 Introduction

This chapter contains management of internship at work place, comment on the findings,
assessment, recommendations and conclusion.

4.1 Management of Internship at Work Place

TKCSML receives and manages students of internship attachment as organization’s employees. I

was received at TKCSML even though I had not yet given them my internship placement letter.
In the due course I was entitled to general welfare as staff member.

The staff members in the Finance department, were equally my supervisors but the
Accounts head along with the human resource manager were my overall supervisors.

The official reporting time for the company staff is 8:00 am and the official reporting time for the
interns was also the same and the official time for signing out for the company staff is 5:30 pm
while the interns officially were allowed to sign out any time from 5:00 pm.

4.2 Comment on Findings

I learnt the following skills during entering local and foreign purchase bills in
computer system using ERP, preparation of party reconciliation statements, and filing of
taxes like VAT, Withholding Tax , and PAYE. However, I faced some challenge while
performing tasks at the station, Language barrier since the company is multinational, Sometimes
there is network failure which results in pending of my assignments.
4.3 Recommendations

4.3.1 Recommendations Suggested for the Improvement of

TKCSML.

 Constant communication to suppliers for reconciliation of statements of accounts.

 Delay of invoices in the system should be overcome by regular updating of
the system.
 TKCSML to acquire a stand by generator even for the company to produce enough
power in order to solve the problem of power cuts.

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4.3.2 Assessment of Internship Experience in Organization

In my field attachment, I found out that practical skills cannot be acquired by just
reading textbooks and attending lectures only but one needs field attachment to skills,
knowledge and experience real life of work such as Bank statement reconciliation
skill, filling, Recording, Printing and photocopying and computer skills like running
different computer software application e.g. ERP10, Payroll master, Ms. Excel

4.4 Conclusion

All in all the internship practicum I conducted at Sugar Corporation Uganda limited Company
availed me with the tools, people, processes with which I was able to practically understand the
link between what I learned in school within the scope of Accounting and finance specifically in
the areas of Accounting, procedural manuals, stock control policies relating to inspection,
verification, Bank reconciliation, Drawing accountability, Payroll processing, stock taking
and record keeping particularly maintenance of the Payment vouchers, purchase bills and above
all maintenance of ethical code of conduct while executing the different task and while
with emphasis on how to relate with other employees in an organization.

REFERENCES

 https://repo.ijiert.org/index.php/ijiert/article/download/2905/2550/5316

o Company Brochures.

o Company Organizational Chart.

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