AN

INTERNSHIP REPORT
ON
“ACCOUNT’S & FINANCE”
AT

VIJAYASHREE CONSULTANCY

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI IN PARTIAL COMPLETION OF

DEGREE OF BACHELOR OF MANAGEMENT STUDIES
UNDER THE FACULTY OF COMMERCE

BY

ROHAN PRABHAKAR SHETTY

(TYBAF)

UNDER THE GUIDANCE OF

MRS. AVNEET KAUR

BUNTS SANGHA’S

S.M SHETTY COLLEGE OF SCIENCE, COMMERCE AND MANGEMENT

STUDIES, POWAI

MARCH, 2025
1
2
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 TABLE OF CONTENT

SR.NO. INDEX

1. CHAPTER 1

1.1 INTRODUCTION TO THE ACCOUNTANCY

1.2 HISTORY OF ACCOUNTANCY

1.3 ROLE OF ACCOUNTANT

1.4 SCOPE OF ACCOUNTANCY

1.5 MARKET LEADERS & KEY COMPETITORS IN THE INDUSTRY

1.6 REASON FOR SELECTING ACCOUNTANCY

1.7 REASON FOR SELECTING VIJAYSHREE CONSULTANCY

1.8 LEARNING OBJECTIVES

2. CHAPTER 2

2.1 INTRODUCTION TO THE ORGANIZATION

2.2 PRODUCT PORTFOLIO

2.3 OWNERSHIP STRUCTURE OF THE ORGANIZATION

2.4 ORGANIZATIONAL STRUCTURE

2.5 WORK CULUTURE

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3. CHAPTER 3

3. INTERNSHIP REPORT

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 CHAPTER 1: 1.1 INTRODUCTION TO THE ACCOUNTANCY

The Accountancy industry plays a vital role in ensuring financial transparency, regulatory
compliance, and strategic business decision-making. Accounting professionals are responsible
for financial reporting, auditing, taxation, and advisory services, enabling businesses to maintain
accurate financial records and comply with statutory requirements.

In India, the Institute of Chartered Accountants of India (ICAI) was established by a 1949
parliamentary act as the regulatory body overseeing the accounting profession. ICAI is the sole
licensing and regulatory authority for Chartered Accountants (CAs) in India. It plays a key role
in setting accounting standards and ensuring that professionals adhere to ethical and legal
guidelines. Similarly, globally recognized institutions like the American Institute of Certified
Public Accountants (AICPA) regulate the CPA (Certified Public Accountant) designation in the
United States.

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The consultancy segment of the industry extends beyond financial reporting and audits to
business strategy, risk management, mergers and acquisitions, and financial advisory services.
Leading firms such as the Big Four (Deloitte, PwC, EY, and KPMG) dominate the global
accounting and consulting market, offering services that help businesses optimize operations and
navigate complex financial environments.

With the integration of technology, the industry is evolving rapidly. Automation, artificial
intelligence (AI), and blockchain are transforming accounting practices, reducing manual errors,
and improving efficiency. Digital finance, cloud accounting, and forensic accounting are
emerging as key trends in modern financial consultancy.

The profession offers lucrative and stable career prospects, with CAs, CPAs, and financial
consultants playing indispensable roles in both corporate and government sectors. As regulatory
frameworks continue to evolve, the demand for skilled professionals in accounting and
consultancy remains strong, ensuring the industry’s sustained growth.

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 1.2 HISTORY OF ACCOUNTANCY

The origins of Accountancy can be traced back to ancient civilizations, where early forms of
bookkeeping were used to record trade and financial transactions. Over time, accounting
practices evolved into a structured system essential for economic growth, corporate governance,
and financial transparency.

Ancient Accounting (3000 BCE – 1400 CE)

Accounting dates back to Mesopotamia (around 3000 BCE), where Sumerians maintained
financial records on clay tablets to track trade, taxation, and land ownership. The Egyptians and
Babylonians also developed early accounting systems, using papyrus and stone inscriptions to
record financial data.

The Romans (circa 100 CE) formalized financial administration by keeping systematic public
records, which helped manage taxation and government expenses. The existence of financial
records in ancient civilizations highlights the fundamental role accounting played in governance
and trade.

The Birth of Double-Entry Accounting (1400–1800 CE)

Modern accounting principles emerged in 15th-century Italy, where Luca Pacioli, a Franciscan
monk and mathematician, introduced the double-entry bookkeeping system in his book Summa
de Arithmetica (1494). This system, which records both debits and credits, became the
foundation of modern financial accounting and is still widely used today.

During the Industrial Revolution (18th–19th century), businesses expanded rapidly, increasing
the complexity of financial management. The demand for professional accountants grew as
corporations required systematic financial reporting to manage costs and investments.

The Rise of Professional Accountancy (1800–1900 CE)

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With the expansion of global trade and industrialization, the need for standardized accounting
practices became evident. Scotland established the first professional accounting body, the
Institute of Chartered Accountants of Scotland (ICAS), in 1854. This was followed by similar
organizations in England and the United States, leading to the regulation of the profession.

The late 19th century saw the development of auditing, as businesses required independent
verification of their financial statements to prevent fraud and mismanagement.

Modern Accounting and the Formation of ICAI (1900–Present)

In the 20th century, global standardization efforts led to the establishment of the International
Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) to
regulate corporate financial reporting.

In India, the Institute of Chartered Accountants of India (ICAI) was established in 1949 under an
act of Parliament, making it the regulatory authority for accountants in the country. ICAI
introduced structured examinations and training programs to ensure the credibility of Chartered
Accountants (CAs).

With advancements in technology, modern accounting has embraced automation, AI, cloud
computing, and blockchain to enhance financial accuracy and efficiency. Today,accountants and
consultants play a crucial role in financial decision-making, taxation, auditing, and corporate
governance, shaping the global economy.

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 1.3 ROLE OF ACCOUNTANT

An accountant is a professional responsible for managing and interpreting financial records

for individuals or organizations. Their primary duties include:

 Financial Record keeping: Maintaining accurate records of financial transactions,

including income, expenses, assets, and liabilities.

 Financial Reporting: Preparing financial statements such as balance sheets, income

statements, and cash flow statements to provide insights into financial performance.

 Tax Compliance: Ensuring adherence to tax laws by preparing and filing tax
returns, and advising on tax planning strategies.

 Budgeting and Forecasting: Assisting in the creation of budgets and financial

forecasts to guide business decisions and manage cash flow.

 Internal Controls and Auditing: Establishing internal controls to prevent fraud and
ensuring financial operations comply with legal standards.

 Advisory Role: Providing advice on financial matters, such as cost reduction,

investment strategies, and financial planning.

In India, the profession is regulated by bodies like the Institute of Chartered

Accountants of India (ICAI), which sets standards and conducts examinations for
Chartered Accountants (CAs). Becoming a CA involves passing examinations at three
levels—Foundation, Intermediate, and Final—followed by a mandatory period of
practical training known as Articleship. Upon successful completion, individuals are
granted the title of Chartered Accountant, enabling them to practice independently or
work in various sectors.

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 1.4 SCOPE OF ACCOUNTANCY

 Job Stability and Demand: Accounting jobs are always available because
businesses, governments, non-profits and other organizations need accountants.
The field has very high job stability, especially with the expansion of global
markets and increased financial regulations.

 Most jobs are in demand: Accountants have numerous career options, including
auditing, tax, management accounting, forensic accounting, and financial advisory.
Accountants also work in a variety of industries, from public accounting firms to
large corporations, government agencies, and startups.

 Problem-solving: This career requires an ability to solve problems, pay attention to

detail, and think analytically. You'll thrive if you enjoy working with numbers,
analyzing financial information, and figuring out complex financial problems.

 Money: Accountants often earn above-average salaries, especially those with

professional designations like Chartered Accountant (CA), Certified Public
Accountant (CPA), or Chartered Financial Analyst (CFA). Bonuses, commissions,
and profit-sharing are common, especially in senior roles.

 Global Opportunities: Financial reporting standards like IFRS are adopted globally,
allowing accountants with international knowledge and certifications to work
internationally and pursue cross-border career opportunities.

 Skills development: accountants develop transferable skills in financial analysis,

budgeting, risk management and strategic planning that can be used in finance and
other business functions like operations and management

 Work-life balance: There are many different working environments in accountancy,

from flexible freelance work to more traditional office jobs. Many people find
work-life balance, especially if they work for smaller firms or remotely.

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 1.5 MARKET LEADER AND KEY COMPETITORS

Most Successful Accounting organization. The accounting profession in India offers a

diverse range of career opportunities, with several leading firms providing comprehensive
services across various sectors. Here are some of the top accounting firms in India:

Deloitte India: Deloitte is a global leader in audit,

consulting, tax, and advisory services. In India, it
offers services including audit and assurance,
consulting, financial advisory, risk advisory, and tax
services. Deloitte operates in multiple cities across
India, providing extensive career opportunities for
accounting professionals.

PwC India: PricewaterhouseCoopers (PwC) is

renowned for its audit and assurance, consulting, and
tax services. In India, PwC offers services such as
audit and assurance, consulting, and tax services,
with a strong presence in major cities. The firm is
known for its commitment to quality and integrity,
providing a dynamic work environment for
professionals.

EY India: Ernst & Young (EY) provides services in

assurance, advisory, tax, and transactions. In India,
EY offers services including audit and assurance,
consulting, strategy and transactions, and tax
services. The firm emphasizes building a better
working world and offers diverse career paths for
accounting professionals.

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 KPMG India: KPMG offers audit, tax, and
advisory services. In India, KPMG provides
services such as audit and assurance, consulting,
and tax services, with a focus on delivering quality
and value to clients. The firm has a significant
presence in India, offering various career
opportunities for accounting professionals.

Grant Thornton Bharat: Grant Thornton Bharat is a

leading accounting and advisory firm in India, offering
services in audit and assurance, tax, and advisory. The
firm has a strong presence across India and provides a
range of services to clients, including financial reporting,
tax compliance, and business advisory.

These firms offer a wide array of services and career opportunities for accounting professionals in
India. Each firm has its unique strengths and areas of specialization, providing diverse paths for
career growth and development in the accounting field.

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 1.6 REASON FOR SELECTING ACCOUNTANCY

There are many reasons why you might want to become an accountant, including:
 Job Stability and Demand: Accounting jobs are always available because
businesses, governments, non-profits and other organizations need accountants.
The field has very high job stability, especially with the expansion of global
markets and increased financial regulations.
 Most jobs are in demand: Accountants have numerous career options, including
auditing, tax, management accounting, forensic accounting, and financial advisory.
Accountants also work in a variety of industries, from public accounting firms to
large corporations, government agencies, and startups.
 Problem-solving: This career requires an ability to solve problems, pay attention to
detail, and think analytically. You'll thrive if you enjoy working with numbers,
analyzing financial information, and figuring out complex financial problems.
 Money: Accountants often earn above-average salaries, especially those with
professional designations like Chartered Accountant (CA), Certified Public
Accountant (CPA), or Chartered Financial Analyst (CFA). Bonuses, commissions,
and profit-sharing are common, especially in senior roles.
 Global Opportunities: Financial reporting standards like IFRS are adopted globally,
allowing accountants with international knowledge and certifications to work
internationally and pursue cross-border career opportunities.
 Skills development: accountants develop transferable skills in financial analysis,
budgeting, risk management and strategic planning that can be used in finance and
other business functions like operations and management
 Work-life balance: There are many different working environments in accountancy,
from flexible freelance work to more traditional office jobs. Many people find
work-life balance, especially if they work for smaller firms or remotely.
Ultimately, a career in accountancy is right for those who like working with numbers,
enjoy a challenge, and want a stable but rewarding career


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 KEY COMPETITORS OF VIJAYASHREE CONSULTANCY

1. Hardik Parikh Associates LLP

Hardik Parikh Associates LLP is a Mumbai-based chartered

accountancy and business consultancy firm. They offer
services such as corporate and income tax planning, GST
compliance, audit and assurance, business consultancy,
business valuation, international taxation, FEMA compliance,
and new business setup advisory. With over 15 years of
experience, their multidisciplinary team is dedicated to
providing personalized financial solutions to clients.

2. Shah & Doshi

Shah & Doshi is a chartered accountancy firm offering a wide

range of services, including incorporations, registrations, ROC
compliances, tax compliances, audit services, financial
advisory, and retainer ship services. They cater to various
industries, providing tailored solutions to meet specific client
needs.

3. Brego Business

Brego Business specializes in bookkeeping and taxation,

accounts receivable and payable management, virtual CFO
services, internal audits, and company secretary services. They
focus on providing comprehensive financial management
solutions to businesses, ensuring streamlined operations and
compliance.

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 1.7 REASON FOR SELECTING VIJAYSHREE CONSULTANCY

One of the main reasons I chose Vijayshree Consultancy for my internship is that they
have a wonderful working culture. I learned this from my companion because they have a
supportive working environment, which is crucial for personal and professional growth.
They ensure that their employees and interns can learn vital skills from their company. I
have always been interested in finance, so I decided to work with Vijayshree Consultancy.
Since I had no expertise in accounting tasks, so I joined this firm for my convenience.

Interning at this firm gives us insight into how such firms operate, as well as how to
engage with clients and keep track of every detail about them. This organization has also
been exposed to new technology and is highly skilled. This company frequently uses
internships to evaluate possible future employees, and if you show your abilities during
your internship, they may offer you a full-time position. I acquired practical knowledge at
this firm and learned how to communicate with clients.

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 1.8 LEARNING OBJECTIVES

Here are some key learning objectives for studying accountancy:

 Understanding Financial Statements:

Learn how to prepare, analyze, and interpret financial statements, including the
balance sheet, income statement, and cash flow statement.

 Mastering Accounting Principles:

Gain a strong foundation in accounting principles such as Generally Accepted
Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

 Developing Technical Skills:

Acquire the ability to use accounting software and tools for financial analysis,
bookkeeping, and tax preparation.

 Grasping Cost Accounting Techniques:

Learn methods for calculating and controlling costs, including job order costing,
process costing, and activity-based costing.

 Understanding Tax Building Financial Analysis and Decision Making Skills:

Qualta analysis, budgeting, and forecasting to provide skills to assess the company's
financial health to support management decisions Develop.

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  Ethics and Professionalism:
Understand the ethical responsibilities of accountants, including maintaining integrity,
confidentiality and compliance with legal standards.

 Promoting global and cultural awareness:

Recognizing the impact of cultural differences on global accounting practices,
international standards on financial reporting, and financial decision-making.

These goals aim to equip students with the knowledge and skills they need to succeed in
accounting with public practice, corporate funding, or other relatives.

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 2.1 INTRODUCTION TO THE ORGANIZATION

Vijayshree Consultancy was founded in 2023 and is located in Ghatkopar East,

Mumbai400075.
It is a small company with an Accounting certification. There are about 8 staff members in
this company.
They provide a range of services including accounting, taxation, and business advisory to
Specify the target clients.
Examples: individuals, small businesses, large corporations, etc.
With a commitment to accuracy, integrity, and client satisfaction, Vijayshree Consulting
aims to assist their clients in achieving financial success and navigating the complexities of
financial regulations.
They offer tailored solutions to meet the unique needs of each client, ensuring sound
financial management and strategic business growth.
.

Registered office:
B2/19,BEST RAJHANS CHS,
ANIL UBHARE MARG,PANT NAGAR,
GHATKOPAR EAST,MUMBAI 400075

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 Rajishri Deepak Shetty
BSC Chemistry
CA Suresh Hegde is qualified with a B.Com. degree. He did his schooling and college at
Bangalore University. After his graduation, he decided to pursue chartered accounting.
He cleared his CA on his first attempt. In 2004, he started his own firm. Before that,
he used to work with many auditing companies so that he could gain experience.
I was interning under CA Suresh Hegde, and I got great exposure while working with
him. He always ensures that their employees are learning and getting from his
organization. It is truly inspiring to see what he has accomplished.

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 TYPES OF CLIENTS

 Company and Large Enterprises

Multinarian Corporations (MNCS): Complicated tax systems, compliance is required and
international financial reporting.
Publicly available companies: Audit and insurance services are required to meet official
requirements.
Personally owned private: Find financial advice, internal audits, and administrative advice.
 Small and Medium Enterprises (Small and Medium Enterprises)
Request for advice for accounting, tax planning and financial strategy.
Need support from business structure, mergers and acquisitions.
 Startupsand entrepreneur:
Need support for company education, financial modeling and fundraising.
Tax incentives and guidance on compliance with official compliance is required.
 Financial Institutions and Investment Companies
Banks: Property testing services, risk assessments, and compliance with financial
regulations.
Insurer: Requires a mathematical and risk management consultant.
Hedge Funds and Private Equity Companies: Evaluation Services, Due Diligence,
Portfolio Management Strategy.
 Government and public sector organization
Examinations, budgeting, public financial management is required.
Find consulting services for the implementation of politics and financial management.
 Nonprofit organizations (NPOs) and NGOs
Financial transparency, donor reporting, and nonprofit regulations compliance are
required.
Request support for scholarship management and strategic financial planning.
 High Network Values (hnwis) and Family Office
Requests for asset management, real estate planning, and tax optimization strategies.
Find yourself in investment advice and succession planning services.
 Health and Pharmaceutical Companies
Compliance with financial regulations and tax planning compliance in the healthcare
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 system.
Cost optimization and sales cycle management advice.

 Real Estate and Construction Company

Suitable financial structure, investment advice, and project financing.
A tax-efficient strategy for real estate transactions.
 Technology and IT Companies
Request support from F&E tax credits, valuations and monetization of intellectual
property.
Find financial models of scalability and investor relationships.
 Manufacturing and Retail Company
Cost management strategies, financial analysis of the supply chain, improving
profitability.
Request support for inventory valuation and business expansion planning.
By reducing these various customer segments, accounting and consulting companies play an
important role in ensuring financial stability, regulatory compliance and strategic growth for
businesses and individuals.

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2.2 PRODUCT PORTFOLIO

1. Bookkeeping and Accounting Services:

- Maintaining general ledgers
- Managing accounts payable and receivable
- Bank reconciliations
- Monthly/quarterly financial reports

2. Tax Services:
- Preparing personal and corporate taxes
- Tax planning and consulting
- Tax compliance and filing (for individuals, businesses, and trusts)
- VAT, GST, and indirect tax services
- International tax and transfer pricing

3. Audit and Assurance Services:

- Audits of financial statements (for businesses, non-profit organizations, and government
agencies)
- Internal audits
- Compliance audits (e.g., SOX compliance)
- Forensic audits (investigation and fraud detection)

4. Consultancy Services:
- Business advisory (budgeting, forecasting, financial planning)
- Due diligence and M&A support
- Risk management and financial restructuring
- Portfolio management and investment advisory
- Business valuation

5. Payroll Services:
- Payroll processing
- Payroll tax compliance and filings
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 - Administration of employee benefits
- Reporting and statutory deductions

6. Management Accounting:
- Cost accounting and cost control
- Forecasting cash flow and financial modeling
- Preparation of budget and variance analysis

7. Outsourcing Services:
- CFO services that are outsourced
- Virtual accounting (cloud bookkeeping)
- Financial reporting and analysis

8. Forensic Accounting:
- Fraud investigation and prevention
- Litigation support (expert witness services)
- Dispute resolution

9. Financial Planning and Advisory:

- Retirement planning and wealth management
- Investment consulting and strategy
- Estate planning and succession planning
- Risk management and insurance advice

10. Financial Software and System Consulting:

- Implementation and configuration of accounting software (e.g., QuickBooks, Xero)
- Financial system integration
- Process automation and optimization

This portfolio enables an accounting firm to have a broad spectrum of clients ranging from
individuals to large companies, offering both compliance and advisory services.

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 2.3 OWNERSHIP STRUCTURE OF THE ORGANIZATION

What is ownership?
The legal right to acquire, use, control, and dispose of property or assets is referred to as
ownership. It is the only right or authority that a person, organization, or other body
possesses over a resource. Ownership can be applied to a variety of things, including
intangibles like intellectual property (such as patents, copyrights, and trademarks) and
tangibles like real estate, cars, and personal belongings. Ownership implies that the owner
has the right to use the resource as they see fit, and can also transfer or sell that right to
others. The right to utilize the property, decide how to use it, transfer or sell it, and enjoy
its benefits are all implied by ownership. The laws and norms governing ownership can
differ among legal systems, and these can determine the obligations and privileges that
come with property ownership. Ownership might be absolute or shared, and to establish
and transfer these rights, legal documentation, including contracts, titles, and deeds, is
frequently required.

What are the types of ownership?

 Sole proprietorship
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  Partnership firm

 Limited Liability Company(LLC)

 Public company

 Joint stock company

 What is sole proprietorship?

A sole proprietorship is a type of business structure where one person runs and owns the
whole company. It is the most basic type of corporate structure and does not have its own
legal identity as the owner. For legal and tax reasons, the business and the owner in a sole
proprietorship are regarded as one and the same.

Characteristics of sole proprietor are as follows:

1. Simplicity-Compared to other business structures, a sole proprietorship requires

fewer formalities and is easier to set up and manage.

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 2. Single owner-All power and authority within the company is held by a single
person.
3. Limited Resources- since the company is held by one person so limited resources
will be used

Advantages of a sole proprietor:

1. The owner is free to take all decision as there is no one to else to control the
company he can take all by the decision himself quickly.
2. Sole proprietors often have a more personal connection with their customers and
clients. This can lead to stronger customer relationships and a better
understanding of customer needs.
3. There is great advantage of being a sole proprietor because any important
information can be kept confident

Disadvantages of sole proprietor:

1. Sole proprietors may face challenges in raising capital compared to businesses

with multiple owners or shareholders. This limitation can constrain the growth
and expansion of the business.
2. One of the most significant drawbacks is that the owner has unlimited personal
liability. This means that the owner's personal assets can be used to satisfy
business debts and liabilities.
3. Sole proprietors are responsible for managing all aspects of the business, which
can be overwhelming. Limited expertise in certain areas, such as finance or
marketing, may hinder the business's overall performance.

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  What is partnership firm?

A partnership is a kind of business, where two or more people or organizations manage

and run a company with all the rules & regulations stated in a partnership deed. Each
partner is responsible for the debts and liabilities of the company as well as sharing in the
gains and losses of the enterprise.

Characteristics of partnership firm are as follows

1. Partnerships involve the sharing of profits and losses among the partners. The
distribution is typically based on the terms outlined in the partnership agreement,
which may be equal or proportional to each partner's contribution or ownership
percentage.
2. Unless the partnership agreement states that, each partner typically has an equal
voice in management and decision-making.
3. Partners have unlimited personal liability for the debts and obligations of the
business. This means that personal assets of the partners can be used to satisfy
business debts.

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29
Advantages of partnership firm:

1. Partnerships allow management and decision-making among the partners.

2. Partners can define their roles, responsibilities, profit-sharing arrangements, and

other terms based on mutual agreement.
3. Partnerships distribute the risks and responsibilities of the business among the
partners.

Disadvantages of partnership firm:

1. Partnerships can face conflicts and disagreements among partners, especially

when it comes to decision-making, profit-sharing, and the overall management of
the business.
2. Partnerships are dependent on the skills, resources, and commitment of the
partners. If one partner decides to leave or is unable to contribute, it can impact
the business's operations and stability

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  What is private company?

A private company, is a business entity that is owned by a relatively small number of

people or entities and does not offer its shares for sale to the general public through a
stock exchange.

Characteristics of private companies are as follows:

1. Private companies are owned by a small group of individuals, families, or entities.

2. Private companies have a limited number of shareholders compared to public

companies.
3. Private companies do not have their shares traded on stock exchanges.

4. Private companies are not required to disclose their financial information to

the public.
5. The management team may have greater autonomy in running the business.

Advantages of private companies:

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 1. Owners of private companies typically have more control over the business
and its strategic decisions.
2. Private companies are not supposed disclose financial information to the public
they have keep it confidential.
3. Private companies often have greater flexibility in their operations.

Disadvantages of private companies:

1. Private companies may face challenges because they have small group
of investors which may lead to get less expertise.
2. Private companies may have fewer opportunities to leverage their ownership
structure for marketing and branding.

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  What is public company?

A public company is a company which can be operated publicly and it is a large company
has compared to private companies. In public companies they may IPO that is initial
public offer, a process where they offer to public for the first time. Public companies are
also traded on stock exchanges.

Characteristics of public companies are as follows:

1. Public companies issue securities, such as stocks and bonds, that are traded on
public stock exchanges.
2. Public company offer IPO that is initial public offer a process where they offer to
public for the first time.

3. Public companies have a board of directors elected by shareholders.

4. Public company also has liquidity for the investors.

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Advantages of public companies:

1. Public companies can raise significant capital by issuing additional shares or

bonds in the public markets.
2. Public companies can use their publicly traded stock as a form of currency in
mergers and acquisitions.
3. Public companies may find it easier to secure debt financing as their publicly
traded stock can serve as collateral.

Disadvantages of public companies:

1. Public companies are required to disclose a significant amount of information,

including financial statements, executive compensation, and business strategies.
2. Public companies are exposed to legal risks, including shareholder lawsuits,
regulatory investigations, and class-action lawsuits.

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  What is joint stock companies?

A joint-stock company, also known as a corporation, is a form of business

organization where ownership is divided into shares of stock. These shares
represent a proportional ownership interest in the company.

Characteristics of joint stock companies are as follows:

1. Joint-stock companies are typically managed by a board of directors elected

by the shareholders.
2. Shareholders' liability is limited to the amount invested in the joint stock
company.
3. The company is recognized as a legal entity distinct from its owners. It can
enter into contracts, sue, and be sued in its own name.

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Advantages of joint stock companies:

1. Joint stock companies can be easily bought and sold in the open market.

2. Joint stock companies provide liquidity &flexibility for shareholders to enter or

exit their investment without disrupting the company's operations.

Disadvantages of joint stock companies:

1. Compliance with reporting requirements and corporate governance standards may

pose challenges.
2. When a company issues additional shares, existing shareholders may experience
dilution of their ownership stake. This can reduce the proportionate control and
earnings of existing shareholders.

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TYPE OF OWNERSHIP IN VIJAYSHREE CONSULTANCY:

Vijayshree Consultancy is a sole proprietorship business of Rajishri Shetty.

Since it's a sole proprietorship, the organizational structure is straightforward, with Rajishri Shetty
personally owning and operating all of the firm.
Vijayshree Consultancy provides various services, probably including accounting, taxation, and
possibly other business advisory services.

Key Features:
Sole Proprietorship: Minimal business setup with direct control and management by Rajishri
Shetty.
Personal Touch: Customers are probably directly interacting with the owner, building a
personalized approach.
Local Focus: The premise indicates focus on serving customers within the immediate vicinity of
Mumbai.
Potential for Specialization: Although the letter says accounting work, the company can specialize
in certain fields of accounting or consulting.

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Benefits of a Sole Proprietorship
Simplicity: Simple and cheap to establish and run.
Direct Control: Rajishri Shetty controls all business decisions directly.
Profit Retention: All profits are retained by the owner.
Tax Benefits (Potentially): Business income is taxed as personal income, which can have some
benefits based on individual tax rates.
Personal Relationship with Clients: The owner is able to establish personal relationships with
clients.

Negative aspects of a Sole Proprietorship

Unlimited Liability: Rajishri Shetty has unlimited personal liability for all business debts and
liabilities. This is a major risk.
Limited Capital: Capital may be difficult to raise since it depends on the owner's own resources
and loans.
Business Continuity: The business is personally attached to the owner. Sickness or other
unexpected events can severely affect operations.
Limited Growth Potential (Potentially): Sole proprietorships at times have limitations in expansion
compared to other business forms.
Size/Credibility Perception (Potentially): Some clients might want bigger firms with more
resources, but this is not always so.

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 2.4 ORGANIZATIONAL STRUCTURE

 What is organizational structure?

 The design and arrangement of an organization to specify its hierarchy, duties,

and responsibilities, as well as the connections between its departments and
employees, is referred to as its organizational structure.
 It acts as a framework that aids in deciding how decisions are made, how
information is distributed, and how employees is arranged within the company.
 The size, aims, industry, culture, and external environment of a company, among
other things, can all have an impact on its organizational structure.

 Types of organizational structure:

 Functional structure

 Flat structure

 Divisional structure

 Matrix structure

 What is functional structure?

All the activities are organized together within an organization according to

common functions or specialized skills is known as a functional structure. Under
this structure, all the workers within the organization are compared with
knowledge and experience which placed together and they are distributed in
different departments. Every department has certain duties or responsibilities
according to their & roles.

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Key Features of functional structure:

1. Experts: The department is distributed according to their knowledge and in which

their specially expert.
2. Clear hierarchy: There is a clear chain of command with a top-down approach,
where employees report to managers who, in turn, report to higher-level
executives.
3. Specialization: Each department is specialized in a particular function, such as
marketing, finance, human resources, or production.
4. Efficiency: The employees are working efficiently as their have knowledge and
expert in their work.

Advantages of functional structure:

1. Functional structures allow employees to specialize in specific functions, which
can lead to a high level of expertise.
2. The hierarchical nature of functional structures provides a clear chain of
command and reporting relationships.
3. The structured nature of functional organizations can contribute to stability and

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 control.

Disadvantages of functional structure:

1. Lack of flexibility: Flexible organizational responses to market or external

changes may be restricted by the hierarchical structure of functional structure

2. Slow decision making: Functioning structures may need more time for decision-
making because of the necessity for departmental cooperation and the authority
hierarchy. This may make it more difficult for a company to react quickly to
changing circumstances.

3. Employee Narrow Focus: Employees in a functional structure often become deeply

specialized in their roles, which can limit their broader understanding of the organization.
This lack of cross-functional experience can hinder overall growth and reduce the ability
to take on broader roles in the future.

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  What is flat structure?

A flat organization means there is a limited or may be no hierarchical level which

means employees also have same authority and power.

Key features of flat structure:

1. Equal authority: In flat structure employees have similar level of authority

and power.
2. Quick-decision making: Decisions can be made more swiftly as there are fewer
levels through which information needs to pass.
3. Increased autonomy: Employees often have greater autonomy and decision-
making power in their respective roles, which can lead to a more empowered
workforce.
4. Efficiency in communication: information can be communicated more
efficiently and openly.

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Advantages of flat structure:

1. Decisions can be made more rapidly in a flat structure since there are fewer levels
of management.
2. Flat organization helps in faster decision making.

3. Employees often have more autonomy and decision-making authority in a flat

structure.

Disadvantages of flat structure:

1. In a flat structure, there are fewer hierarchical levels, which can limit the number
of managerial positions available.
2. Employees may need to take on a broader range of responsibilities, as it lead to a
lack of specialization.

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  What is divisional structure?
A divisional structure is an organizational structure where it characterized by
different division. Each division is responsible for its own performance.

Key feature of divisional structure:

1. Accountability- Generally, each division is responsible for its own performance,

which includes key performance indicators, market share, and financial outcomes.
2. Independent- Each division operates somewhat independently, making its own
decisions related to its specific functions.
3. Division- All the department are separated in different divisions.

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Advantages of divisional structure-

1. The divisional structure allows the organization to be more flexible and adaptable
to changes in the external environment.
2. Resources can be allocated more efficiently as each division manages its own
resources based on its unique requirements.
3. Divisions can experiment with new ideas and approaches without being
constrained by centralized decision-making.

Disadvantages of divisional structure-

1. Complexity in the organizational structure arises from managing several divisions.

2. It can be challenging to implement organizational-wide initiatives or restructure

efforts when workers within divisions oppose changes that impact their particular
units.
3. If there lack of communication in divisional structure the information may not
freely flow between employees and managers.

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 What is matrix structure?
A matrix structure is a organizational structure were employees are working in as
functional manager and product or project manager at once. This structure is meant to
improve an organization's communication, adaptability, and responsiveness,
especially in complex and dynamic contexts.

Key features of matrix structure:

1. Dual reporting: Employees has to report on both functional or product manager
based on specialized skills.
2. Great flexibility: The matrix structure enables organizations to respond quickly
to changes in the external environment or project requirements by easily
reallocating resources and adjusting team compositions.
3. Enhance communication: When people from different functional areas working
closely together, communication becomes more open and frequent, resulting in
better coordination and problem solving.

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Advantages of matrix structure:
1. The matrix structure enables organizations to respond quickly to changes in the
external environment or project requirements by easily reallocating resources and
adjusting team compositions.
2. The dual reporting relationships in a matrix structure encourage open and frequent
communication.
3. Employees working in a matrix structure have the opportunity to develop a
broader skill set.

Disadvantages of matrix structure:

1. Dual reporting relationships can lead to conflicts and power struggles.

2. Employees working in a matrix structure may experience higher workloads due to

involvement in multiple projects or reporting to multiple managers.
3. Communication can become more complex.

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 Type of organizational structure in Vijayshree consultancy consultancy

Vijayshree Shetty

Employees Employees Employees

Vijayshree Consultancy is a small, flat-structured organization. This means it likely has few levels
of management or hierarchy, promoting direct communication and collaboration between
employees and leaders. Typically, in such organizations, decision-making is more decentralized,
and employees might have a broader range of responsibilities. While specific details about the
firm’s services or industry may vary, the flat structure encourages a flexible, agile work
environment, where ideas and input from all members are valued.

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 2.5 WORK CULTURE

In Ghatkopar Mumbai, Vijayshree Consulting is a this sole proprietorship business, and as

such, it is likely to have an atmosphere that blends training and a professional work
environment.

Intern Training: As basic and mid-level accounting processes like data capturing and
document handling are performed, the Interns appear to be trained and skilled.
Business Etiquette: The formal nature of the communication suggests it is professional
and quite a disciplined environment.
Information Gathering: Due to its size, the firm is easily approachable, which creates a
direct relationship between the owner and staff members.
Apprenticeship Modules: There seems to be a professional orientation and career
guidance as part of the program, indicating a serious commitment to nurturing and
mentorship.
Owner's Adjusted Work Culture: As is likely in most sole proprietorships, it seems that
work culture is significantly influenced by the owner’s preferences and principles. This
could mean, for some aspects, a softer or more family-like approach at the workplace, but
still keeps command in some aspects.

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 CHAPTER 3. INTERNSHIP REPORT

JOB PROFILE
 I completed my internship for 2 months under the guidance of
Mrs.Rajishri Deepak Shetty.
 I worked in the fields of accounting, Document filing, and Document submission
and data entry.

 I learned how to apply theoretical knowledge in practical.

 I also had to communicate with clients to share their details, such as their
bank details, medical certificate, insurance, etc., which helped me to build
my communication skills.

MY RESPONSIBILITY

 The task I was assigned had to be completed before or on time.

 I had to collaborate with my senior colleagues.

 I had to communicate and handle clients effectively.

 I had to manage time efficiently to meet deadlines and prioritize tasks.

WORK DONE AND ACHIVEMENTS

 Learned how arrange documents.

 Learned how to do data entry effectively.

 Learned how to communicate in corporate life.

 Learned how to do ledger management.

 Learned how to file GSTR filling.

 I achieved doing my work successfully and on time.

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REPORTING OFFICER

Mrs Rajishri Shetty

Our owner was also my reporting officer thus, I must report all my work to her. She is a
B.sc in chemistry graduate. Even though she had not studied in this field but has a very
good knowledge regarding this field She is a supportive team leader in our firm. I must
always report to her about my work. She has been watching her juniors with great
enthusiasm and motivation. She is well-versed in practical applications and has solved
numerous difficult problems. She is always available to her juniors to guide and teach
them new things. Each employee must report what they are doing to her so that she can
discuss the matter and assign futher task for the betterment and success of the firm.

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LOG BOOK:

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53
ANNEXURE :

54
CONCLUSION

Since I have always been interested in finance, I made the decision to work for a
chartered accounting firm to understand and practice applying theoretical knowledge to
real-world situations.

In this organization, I have received excellent learning opportunities. I have learned

almost everything related to Accounting task like data entry, documentation etc. In fact,
even the basic concepts I studied in class 12 were applied when using all the software.

I truly thank Rajishri Shetty for trusting me and giving me the opportunity to work within
their firm.

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BIBLIOGRAPHY

 https://www.icai.org/

 https://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_India

 https://icai-cds.org/

 https://www.incometax.gov.in/iec/foportal/

 https://www.gst.gov.in/

 https://caportal.saginfotech.com/blog/top-11-ca-firms-in-india-2024/

 https://www.finacbooks.com/mumbai/ca-firms-in-ghatkopar-west

 https://blog.ischolar.live/ca-companies/

 https://www.az-india.com/street-map-mumbai_mh/ghatkopar_west/chartered_accountant

 https://www.swapnilpatni.com/blog/Guide-for-CA-Aspirants-on-Salary-in-Big-4-
Companies-India

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