saurav_detailed report_internship report

8/7/2019 saurav_detailed report_internship report

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Dear Sir,

I, Saurav Kumar Agrawal (Roll No.-166, Room No.-11, Year-3rd,B.Com Morning Department with specialization in Accounting andFinance) would like to draw your attention to the details of the workdone by me as an intern in J.Jain and Company. I would like to bring toyour notice the types of assignments handled by me during myinternship:Sl.No.

Work Done Details of work Done

1.) StatutoryAudit

I had been sent to conduct the statutoryaudit(For the half year ended 30th Sep.2011) ofa private limited company belonging to theHimalaya(opticals) group.Procedure Adopted:

At first, I had an interaction with theaccountant of the Company. With him me

and the oher members of the audit teamhad a detailed discussion about theinternal controls of the company ;and alsothe inventory management system andvarious persons entrusted with theauthorizations to sign the variousvouchers at different amount levels.

Then I proceeded to inspect the books ofaccounts maintained by them.

Thereafter, I asked for the printouts of therelevant books of accounts and started

with vouching the cash and banktransactions. While vouching cashtransactions we kept track of the natureof the expenditure-revenue or capital, andalso that the revenue cash expenses didnot exceed Rs.20000 for a single expenseon a single day.

Then me and the other members of theaudit team vouched the purchase andsales vouchers.

Finally we got our queries cleared with

the management and suggested ways toimprovise their internal control system.Then we took a printout of the trialbalance as on the above date and theaudit was completed.

2.) VAT Audit Next I had been sent to conduct the vat audit ofsome other limited companies:


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>Shiva Polymers Pvt. Ltd.;>Vision World Pvt. Ltd.;>Spects World Pvt. Ltd.;>Yaashi Steels Pvt. Ltd.

Procedure Adopted:

At first, I asked the clients to furnish thequarterly returns for the four quarters ofthe financial year ended 31st March2010.

Then I took the quarterly balances of thepurchases, sales, vat input, vat output,etc. as per their books of accounts.

Next I enquired into the reasons fordifference(if any) between the figures ofpurchases, sales, etc as per the returnsand the books of accounts.

I also checked whether the vat liability

was met within the due dates as per thelaw for the time being in force in India.

Finally a statement showing reconciliationof the balances as per returns and as perthe books of accounts was prepared andForm 88 filled up.

3.) Tax Audit I had also been engaged in the tax audits ofseveral proprietorships ,partnerships andlimited companies. I collected all the detailsrequired to fill up forms 3ca, 3cb and 3cd. Suchdetails include among others-

Depreciation as per income tax act,1961; Details of any carried forward losses;

Details of expenditures disallowed underthe Income Tax rules;

Details of loans exceeding the limits asper section 269SS ;etc.

Finally, I filled up the relevant forms pertainingto tax audit.

4.) Preparation of

books ofAccounts ofan individual

I was entrusted with the job of preparing the

books of accounts of an individual.Procedure Adopted:

At first I collected all the relevantvouchers, bank statements, tdscertificates ,etc. from the client who wasa doctor by profession.

Next I started passing journal entries forthe events that required journalizing. In


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the process I used Tally ERP9 accountingpackage to make the entries.

Next I downloaded form 26AS andreconciled the reasons for difference inthe tds and advance tax paid as per form26AS and as per the tds certificates and

necessary entries were made to reflectthe reconciliation.

Finally the books of accounts werehanded over to the client.

5.) ROC relateddocuments

I also got the opportunity to fill some of the ROCrelated documents such as:

Form 32-Related to the appointment,etc.of the directors of a company;

Form 18-Related the change in address ofprincipal office of business of a company;

Form 23AC,23ACA-Related to the financial

statements of a company ;etc.6.) Computation

of totalincome andtax thereon

Last but not the least , I got the opportunity toprepare the income tax returns of certaincompanies as well as individuals.While doing this I had to allocate the incomeamong the 5 heads of income and compute theexemptions as the per applicable finance act.Finally, I allowed the deductions under chapterVIA and computed the tax thereon as per theapplicable rates.

So, this was my area of work during the period of my internship. Itwould not have been successfully completed without the support of myguide(Professor Subir Srimani) and my employer(Mr. Sanjay Jain). HereSt. Xaviers college deserves a special mention as it is by virtue of thecurriculum of the said college that the students get a practicalexposure. I am highly obliged to have received the required supportfrom the above mentioned people and I am grateful to them to havehelped me in applying my theoretical knowledge in a practical scenariowhich has helped me in gaining a better grip over the subjects.

I declare that the above particulars are true to the best of my

knowledge.

Thanking You,Yours Faithfully,

Saurav Kumar Agrawal


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(Roll No.-166;Room No.-11;B.Com(M);Specialization in Accounts and Finance)

saurav_detailed report_internship report

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