“ ACCOUNTS & FINANCE ”
A Summer Internship Report
Submitted in partial fulfilment of the
requirements for the award of the degree
of
Bachelor of Commerce (Honors)
By
ASHUTOSH SRIVASTAVA
Roll Number: 21017000088
Under the Guidance
Of
Mrs. DEEPA VOHRA , Assistant Professor
Jagran College of Arts Science and Commerce
Kanpur
2023-2024
Jagran College of Arts Science and Commerce ,Kanpur
Address: 620,W Block Saket Nagar, Uttar Pradesh - 208014
CERTIFICATE OF INTERNSHIP
Page | II
JAGRAN COLLEGE OF ARTS, SCIENCE &
COMMERCE
(Self-Financing Co-Ed English Medium Post Graduate College Affiliated to CSJM
University, Kanpur)
620-W, Block, Saket Nagar, Kanpur – 208014
Tel.No.0512-2647289 Fax: 0512-2604965
E-mail: [email protected] Web: jagrancollege.ac.in
Certificate
Dated:
I hereby certify that the work which is being presented in the project entitled "Accounts and
Tally, " in partial fulfillment of the requirements for the award of the degree of Bachelor of
Commerce (Honors) and submitted to the Jagran College of Arts, Science & Commerce
Kanpur is an authentic record of my own internship at CA Prashant Verma & CO. work
carried out during a period from 10th June 2023 to 25th July 2023 and this report has been
prepared under the supervision of Mrs. DEEPA VOHRA , Assistant Professor, Jagran
College of Arts, science and Commerce, Kanpur. The matter presented in this report has not
been submitted by me for the award of any other degree of this or any other
University/Institution.
Candidate Name: ASHUTOSH SRIVASTAVA
Candidate Signature: ……………………
This is to certify that the above statement made by him is correct to the best of
my knowledge.
(Dr. Asmita Dubey)
Principal Supervisor
Page | III
ACKNOWLWDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all the
individuals who directly or indirectly contributed towards completion of this report. Working on
this report was a great fun, excitement, challenges and a new exposure in the field of finance. I
am greatly in debated to under whose guidance and concern I am able to bring the report into its
real shape. I am thankful to CA. PRASHANT VERMA and Mrs. DEEPA VOHRA, Assistant
Professor in providing me useful guidance for the completion of this report. I convey my
gratitude to all those who are directly or indirectly related in the completion of this project
report. The internship was a lot more useful than staying at one place throughout the whole
months in my opinion; I have gained lots of knowledge and experience needed to be successful
in an accounting field, as in my opinion, being Accountant is after all a challenge.
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CANDIDATE’S DECLARATION
I declare that this written submission represents my original work in my own words
and where other’s work has been included, I have adequately cited and referenced the
original sources. I also declare that I have adhered to all principles of academic
honesty and integrity and have not misrepresented or fabricated or falsified any
idea/data/fact/source in my submission. I understand that any violation of the above
will be cause for disciplinary action by the college and can also evoke penal action
from the sources which have thus not been properly cited or from whom proper
permission has not been taken when needed.
Name: ASHUTOSH SRIVASTAVA
B.COM (HONS.) Vth Semester
Roll Number: 21017000088
Enrollment Number:
CSJMA21001377480
Jagran College of Arts, Science &
Commerce
Date :
Page | V
INDEX
Chapter Title Page No.
No.
1. Introduction : 1-3
2. Industrial Sector Profile 4-8
Company’s Profile 9-13
3. Intern Profile (role & responsibility) 14-25
4. Learning’s & Value Addition
5. Recommendations & Suggestions 35-36
6. Annexure 37
Page | VI
CHAPTER -1
Page |7
EXECUTIVE SUMMARY
This report titled ‘Accounting & Taxation’: An Internship Experience in CA PRASHANT
VERMA & CO. is written to represent the internship program done under CA PRASHANT
VERMA. This report is a blend of the knowledge of undergrad program and the experience of
practical field. The first part of the report consists 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 CA PRASHANT VERMA & 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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INTRODUCTION
An internship helps us to train under experienced professionals and explore what our chosen
career path would be like, and an internship with a company in our field can help us to
develop the skills one requires to thrive within a one to review our time with them and write
a report based on our experience. In this article, we explain what an internship report is and
how to write one and provide few format samples to help us create our own.
An internship report is a document that summarizes internship experience with a company
and any ongoing considerations we might wish to recommend. After one has completed an
internship project or an internship program, the company is likely to ask one to submit an
internship training report detailing our work experience. The report would help them
understand the benefits we received by interning with them and how they can improve their
program for future interns.
In the report on the basis of internship experience, we are required to mention the skills we
develop during the training period and specify how we used these skills in the position and
for the tasks that the company assigned to us. Additionally, one can evaluate their
importance for future work opportunities.
An internship report is a summary of what we learned during our time interning with a
specific company. Many employers require one after an internship is completed. The report
should be professionally written, just as if one was a regular employee. The report describes
experience, the type of role and skills gained during the course of the internship. It is a great
tool to help as we apply for future internship opportunities and full-time opportunities once
we graduate.
This report is a short description of my two-month internship carried out as compulsory
component of the B. Com Honors. The internship was carried out within the DR.S.MUNI
ADVOCATE & ASSOCIATES in 2023. Since I am interested in Finance Department of the
organization so I trained as Junior Accountant.
At the beginning of the internship, I formulated several learning goals, which I wanted to
achieve:
1. to understand the functioning and working conditions of a non-government
organization
2. to see what is like to work in a professional environment
Page | - 9 -
3. to see if this kind of work is a possibility for my future career
4. to use my gained skills and knowledge
5. to see what skills and knowledge I still need to work in a professional environment
6. to learn about research methodologies (field methods/methods to analyze data)
This internship report contains my activities that have contributed to achieve a number of my
stated goals. In the following description of the organization and the activities is given. After
this a reflection on my functioning, the unexpected circumstances and the learning goals
achieved during the internship is described. Finally, I give a conclusion on the internship
experience according to my learning goals.
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CHAPTER -2
Page | - 11 -
INTRODUCTION OF THE ORGANIZATION’S
BUSINESS SECTORS
About The Industry
Organization is working as Chartered Accountants firm under the rules and regulations and code
of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).
The Institute of Chartered Accountants of India (ICAI or the Institute) was 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 consists 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.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of
India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai,
Mumbai and New Delhi) and 81 branches under these regional centers.
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ORGANISATIONAL STRUCTURE
A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above," "below," or "at the same level as" one another and with
only one "neighbor" above and below each level. These 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 Trainee Students
Junior Trainees
Various levels 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 inquiry is made from the Senior Managers and hierarchal structure is strictly followed to
avoid any disruption.
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DIFFERENT COMPANIES IN THE CHARTER
ACCOUNTANT SECTOR
DELOITTE: -
Deloitte, in terms of Revenue, is the largest professional services network in the world. Also, on
the basis of a number of professionals, it is the largest professional services network in the world.
Deloitte is known for providing audit, tax, consulting, enterprise risk and financial advisory
services to more than 200,000 professionals in over 150 countries. They are the Advisors to
many of the World's most admired Brands.
The Consulting services of industries work on the theory of *Providing practical perspectives
and solutions to queries.' Deloitte believes in 'Good to make it great!' They believe in 'helping
clients to become Leaders'.
PWC: -
Price Waterhouse Coopers has been the world's second largest professional services network in
terms of Revenue as surveyed in 2014 and is one of the Big Four Auditors and stands neck to
neck with Deloitte, EY and KPMG.
The Firm believes in helping resolve complex issues and identifies opportunities. People from all
backgrounds such as arts, business, economics, engineering, finance, health, information
technology, law and more are entertained.
BDO INTERNATIONAL: -
BDO International stands at the fifth rank for providing the largest accountancy network in the
world.
It is a worldwide professional services network and one of the best public accountancy firms. It
has its competency is in serving national and international clients. Following a survey conducted
in 2014, September, BDO has its Member Firms in 151 countries and takes pride in employing
around 60,000 Partners and staff in 1,328 offices throughout the world.
GRANT THORNTON INTERNATIONAL: -
Grant Thornton is a UK based firm which has its branches in almost 125 countries. This firm is
known for generating very high revenue which is more than 4.5 billion dollars.
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It is providing services in assurance, tax and advisory firms. Grant Thornton is also known for
providing services in Assurance and Taxation and other consultancy services relating the
financial matters.
It has been operating for 100 years. Grant Thornton has provided valued service to organizations
with the potential to grow and to operate internationally. It makes the professionals adapt to
market conditions and deal with complex events or transactions.
The member office of Grant Thornton is situated in Connaught Place in New Delhi
Page | - 15 -
Chartered Accountant CA Prashant Verma & CO.
(CHARTED ACCOUNTANT FIRM)
Chartered Accountant Prashant Verma is a member of the Institute of Chartered
Accountants of India (ICAI). He is currently practicing in Kanpur. He has over 27 years of
experience. He has experience dealing with clients belonging to the Electronics Industry,
Educational Industry and Healthcare Industry. To get in touch with CA Prashant Verma, you
can reach CA Prashant Verma at his office - Monday to Saturday.
Address:
301,Vermavilla,La
khanpur,ViasNagr
Kanpur, Uttar
Pradesh, India -
208024.
Phone No. 0512-2581332
Mobile No. 09839030102
Associated With-
Prashant Verma & Co. &
ASSOCIATES
Staff Strength: 6- 10
Page | - 16 -
CHAPTER -3
Page | - 17 -
MISSION & VISION
MISSION: -
Place the
Interest of
Clients
before ours
•Continuou Uphold
s Education High
and Standards
Training of of Honesty
Staff and and
Clients Integrity
•Excellence •Endeavour
in to Improve
Professiona the Quality
l Services of Services
VISION: -
Firm continuously strives to be the Premier Accounting and Consultancy firm that
provides excellent service to their clients and an excellent quality of life for their
associates.
Page | - 18 -
HISTORY OF ORGANISATION
Prashant Verma & Co. is a CA FIRMS that offers peer to peer solutions to a wide range of
services, including - Accounting Services, Business Tax Planning Services and Business
Financial Planning Services to Business Setup and Merger & Acquisition. Prashant Verma & Co.
was established in 1996 by CA Prashant Verma {M.Com, FCA, DISA(ICA)} and It is a
leading chartered accountancy firm rendering comprehensive professional services with the aim
of providing a comprehensive range of accounting, financial and legal consulting, tax
management, auditing and business process out-sourcing services, audit, management
consultancy, tax consultancy, accounting services, manpower management, secretarial services
financial accounting consultants, payroll management and other financial service. etc.We also
offer various consultancy services related to formation of a company, corporate finance, NGO
formation and many others.
Prashant Verma & Co. a professionally managed firm. The team consists of distinguished
chartered accountants, corporate financial advisors and tax consultants. The firm represents a
combination of specialized skills, which are geared to offers sound financial advice and
personalized proactive services. Those associated with the firm have regular interaction with
industry and other professionals which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients
Today, we take pride in our strategic business partnerships with clients that come from different
industries and backgrounds. Our client includes customers from different sectors, such as -
Software and Information Technology, Engineering, Pharmaceutical & Bio technology,
Automotive components, Financial Services and Banking, Media & Entertainment, etc.
In order to meet client specified requirements efficiently, we strictly adhere to standard
operational norms and provide the best possible consultancy for their respective financial issues.
We follow a transparent and ethical working methodology in offering our valuable services to
our clients mainly in KANPUR and nearby cities and spread across U.P. Our clientele belongs to
various business and industrial sectors that include banks, insurance companies, IT companies,
Page | - 19 -
financial institutions, Engineering Colleges, Micro Finance Companies and many others. Our
services are considered to be efficient, adequate and cost effective throughout from
documentation to the completion of a given project.
In the era of computerization, we are serving our clients not only in U.P. but all
over the globe with the help of email, e-payment, e-filing, we are providing e-filing
and e-facilities to our clients of all over the globe
QUALIFICATION
Chartered Accountant
CA. Prashant Verma is a member of the Institute of Chartered Accountants of
India (ICAI)
Page | - 20 -
AREAS OF EXPERTISE
Value Added Tax (VAT)
Audit
Bookkeeping
Import or Export
ESI Matters
Income Tax
Labor Laws
Individual Income Tax
Business Income Tax
Tax Deduction at Source (TDS)
Income Tax Appeals
Charitable Trust
Societies
Not-for-Profit Taxation
Company Registration
LLP Registration
Annual Return Filing
Changes to Company
Company Law Board
VAT Registration
VAT Return Filing
Page | - 21 -
INDUSTRY EXPERIENCE
Electronics Industry
Educational Industry
Pharmaceutical Industry
Healthcare Industry
Chemicals Industry
Real Estate Industry
Page | - 22 -
CHAPTER -4
Page | - 23 -
OUTLINE OF TASK UNDERTAKEN
I have done my internship in Chartered Accountant Prashant Verma & Co. While working
with this organization I learned so many things & got knowledge about accounting.
Following is the summary of task performed by me:
Tally ERP 9
Vouchers
Accounting
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TALLY SOLUTION
Tally. ERP 9 is a popular business management software developed by Tally Solutions Pvt.
Ltd. It is widely used for accounting, finance, and other business-related purposes. Tally ERP 9
is particularly popular among small and medium-sized enterprises (SMEs) for its user-friendly
interface and comprehensive features.
Key features of Tally .ERP 9 include:
Accounting: Tally allows businesses to maintain their books of accounts, track financial
transactions, and generate various financial reports.
Inventory Management: Users can manage their inventory efficiently, including features such
as stock tracking, order processing, and generating inventory reports.
Statutory Compliance: Tally ERP 9 is designed to handle various statutory requirements,
including GST (Goods and Services Tax) compliance in countries where it is applicable.
Payroll Management: The software includes features for managing payroll, including employee
information, attendance, salary processing, and related statutory compliance.
Banking: Tally supports various banking transactions, such as recording and reconciling bank
statements, managing funds, and handling other banking-related tasks.
Data Security: Tally provides data security features to ensure the confidentiality and integrity of
business data.
Multi-Currency Support: It allows businesses to transact and maintain accounts in multiple
currencies.
Remote Access: Tally.ERP 9 can be accessed remotely, allowing users to work from different
locations and collaborate with their teams.
The software is known for its simplicity, scalability, and adaptability to various business needs.
Tally ERP 9 has evolved over the years with updates and enhancements to meet the changing
requirements of businesses. It is widely used in India and several other countries for its
comprehensive accounting and business management capabilitie.
Page | - 25 -
PURCHASE VOUCHER
Creating a purchase voucher in Tally.ERP 9 involves a series of steps. Here's a general
guide on how to make a purchase voucher:
Open Tally.ERP 9
Select the Company
Navigate to the Voucher Entry Menu
Choose Purchase Voucher
Fill in Purchase Voucher Details
- Supplier's Invoice No.
- Date
- Party's A/c Name
- Purchase Ledger
- Amount
Item Details
- Name of Item
- Quantity
- Rate
- Amount
Page | - 26 -
Additional Information (If any)
Save the Voucher
Print or Generate Reports
SALES VOUCHER
Creating a sales voucher in Tally.ERP 9 is a straightforward process. Here'sa step-by-step
guide:
Open Tally.ERP 9
Select the Company
Navigate to Voucher Entry Menu (Accounting Vouchers)
Choose Sales Voucher (F8)
Fill in Sales Voucher Details
- Customer's Invoice No.
- Date
- Party's A/c Name (Customer's name)
- Sales Ledger (Select appropriate sales ledger/account)
- Amount
Enter Item Details for Each Item Sold
- Name of Item
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- Quantity
- Rate
- Amount (Auto-calculated)
Save the Voucher (Ctrl+A)
Print or Generate Reports as Needed
DEBIT NOTE VOUCHER
Creating a debit note voucher in Tally.ERP 9 involves a series of steps. Here's a simple
guide:
Open Tally.ERP 9
Select the Company
Navigate to Voucher Entry Menu (Accounting Vouchers)
Choose Debit Note Voucher (Ctrl + F9)
Fill in Debit Note Voucher Details
- Voucher Date
- Supplier/Party's A/c Name
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- Debit Note Ledger
Enter Item Details for Each Transaction:
- Name of Item
- Quantity
- Rate
- Amount (Auto-calculated)
Save the Voucher (Ctrl+A)
Print or Generate Reports as Needed
CREDIT NOTE VOUCHER
Here are the key points to create a credit note voucher in Tally.ERP 9 :
Open Tally.ERP 9
Select the Company
Navigate to Voucher Entry Menu (Accounting Vouchers)
Choose Credit Note Voucher (Ctrl + F8)
Fill in Credit Note Voucher Details:
- Voucher Date
- Party's A/c Name (Customer or relevant party)
- Credit Note Ledger
Enter Item Details for Each Transaction
- Name of Item
Page | - 29 -
- Quantity
- Rate
- Amount (Auto-calculated)
Save the Voucher (Ctrl+A)
Print or Generate Reports as Needed
RECEIPT VOUCHER
Here are the key points to create a receipt voucher in Tally.ERP 9:
Open Tally.ERP 9
Select the Company
Navigate to Voucher Entry Menu (Accounting Vouchers)
Choose Receipt Voucher (F6)
Fill in Receipt Voucher Details:
- Voucher Date
- Party's A/c Name (Name of the person or entity from whom you received the
payment)
- Receipt Amount
- Payment Mode (e.g., cash, bank, etc.)
- Bank or Cash Account (Select the appropriate ledger)
Save the Voucher (Ctrl+A)
Print or Generate Reports as Need
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PAYMENT VOUCHER
Here are the key points to create a payment voucher in Tally.ERP 9:
Open Tally.ERP 9
Select the Company
Navigate to Voucher Entry Menu (Accounting Vouchers)
Choose Payment Voucher (F5)
Fill in Payment Voucher Details:
- Voucher Date
- Party's A/c Name (Name of the person or entity to whom you are making the
payment)
- Payment Amount
- Payment Mode (e.g., cash, bank, etc.)
- Bank or Cash Account (Select the appropriate ledger)
Save the Voucher (Ctrl+A)
Print or Generate Reports as Needed
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CONTRACT VOUCHER
Tally.ERP 9 primarily deals with accounting and financial transactions, and there isn't a specific
voucher type labeled as "Contract Voucher" in the standard Tally software. However, you can
use different voucher types based on the nature of your contract-related transactions. Here's a
general guide on how you might handle contract-related entries:
Create a Purchase Voucher
- If you are making a payment related to a contract, you might use a Purchase
Voucher to record the expenses associated with that contract.
- Navigate to "Accounting Vouchers" and select "F9: Purchase" to create a new
purchase voucher.
- Enter the necessary details like supplier's name, item details, quantity, rate, and
amount.
Create a Sales Voucher
- If you are receiving income from a contract, use a Sales Voucher to record the
revenue generated from the contract.
- Navigate to "Accounting Vouchers" and select "F8: Sales" to create a new sales
voucher.
- Enter the customer's name, item details, quantity, rate, and amount .
Page | - 32 -
ACCOUNTING INTERNSHIP RESPONSIBLITES
Data Entry: Input financial transactions and data into accounting software.
Assisting with Audits: Support audit processes by organizing documents and verifying
information.
Financial Analysis: Analyze financial data to help in decision-making and planning.
Bookkeeping: Maintain accurate and organized financial records.
Assisting in Budgeting: Contribute to the creation and monitoring of budgets.
Bank Reconciliation: Ensure that company records match bank statements
.
Expense Tracking: Monitor and categorize company expenses.
Preparing Reports: Generate financial reports for management or regulatory purposes.
Tax Preparation Support: Assist in preparing documents for tax filings.
Collaboration: Work with other team members and departments to gather necessary
financial information.
Research: Conduct research on accounting regulations and best practices.
Problem Solving: Help identify and resolve discrepancies in financial records
Page | - 33 -
LEARNING OUTCOMES
While working with Chartered Accountant Prashant Verma & Co. I learned so many things
which going to be helpful for rest of my life.
During my internship program most importantly, I realized how to work under the pressure of
responsibilities maintain chain of commands and working in team. Chartered Accountant
Prashant Verma & Co. Sir, taught me to work with rules and regulation, where I have gained
the
understanding on how to reach a mutual understanding between different people while working
together. This practical orientation is necessary for the development and preparation of a person
before entering into the corporate world. The things that I have learned at Chartered
Accountant Prashant Verma & Co. are:
Meaning of responsibility
Responsibility to the profession
Necessity of commitment
Auditing and reporting responsibilities
Working with ethics
Working independently
Client dealings
Punctuality and regularity are very important
Ability to interact with different sorts of people
Page | - 34 -
CHALLENGES FACED DURING INTERNSHIP
Learning Curve: Adapting to new technologies and industry knowledge.
Communication Hurdles: Dealing with unclear instructions or miscommunication.
Complex Projects: Managing tasks or projects beyond initial expectations.
Team Dynamics: Navigating interpersonal challenges within the team.
Feedback Handling: Incorporating constructive criticism effectively.
Resource Constraints: Working within limited budget or tool availability.
Technical Issues: Resolving glitches or problems with tools/software.
Work-Life Balance: Balancing internship responsibilities with personal life.
Page | - 35 -
CONCLUSION
Overall internship is a really good program and recommended to my fellow friends. It helps to
enhance and develop my skills, abilities, and knowledge. It was a good experience and memories
as not only I have gained experience, but also new friends and knowledge. Chartered
Accountant Prashant Verma & Co. Also, a good place to do the internship since it provides
numerous benefits and advantages to practical trainees. I am grateful and thankful to my
supervisor and department staff. They also help me to handle some of my weaknesses and
provided guidance to me whenever I am in need. I think the One-month Two-week duration for
the internship was not enough for me to learn more in details about the jobs
Page | - 36 -
ANNEXURE
1. www.icai.org
2. http://economictimes.indiatimes.com
3. http://www.business-standard.com
4. http://www.wikipedia.org
5. https://www.linkedin.com/learning
Page | - 37 -
