SUMMER INTERNSHIP PROJECT REPORT ON

“ACCOUNTS & FINANCE”

AT

BISTH & CO.

(RISHIKESH)

Summer Training Project Report

Submitted in the partial fulfillment of B.B.A 4th SEMESTER
OMKARANANDA INSTITUTE OF MANAGEMENT & TECHONOLOGY

(Batch 2021-2024)

MENTOR: - SUBMITTED BY: -

 CERTIFICATE

This is to certify that the Summer Internship Report entitled “Accounts & Finance, Direct
& Indirect Taxation” by “” is hir original work. He has worked under my guidance for the
required period. This dissertation fulfils the requirement of the ordinance relating to Summer
Internship Training.

No part of this report has ever published by any other university or institution for any purpose
whatsoever.

Mr. Sandeep Badoni

Assistant Professor HSMS,
SRHU
 Training Completion

certificate from the organisation

 DECLARATION BY THE STUDENT

Dated: - 16-10-2023

This is to certify that the present Summer Internship Report entitled “Accounts & Finance,
Direct & Indirect Taxation” is my original work. This Summer Internship Report fulfils the
requirement of the “B.B.A” degree of this University. It does not form the basis for the award
of any degree or diploma from any other university or institution.

(B.B.A 4th Sem)

Reg. No: -
Enrollment No: -
 ACKNOWLEDGEMENT

I would like to express my deepest appreciation to all those who provided me the possibility
to complete this report. I have taken efforts in this project. However, it would not have been
possible without the kind support and help of many individuals and the organization. A
special gratitude I give to our Chartered Accountant and my project mento whose
contribution in stimulating suggestions and encouragement, helped me to coordinate my
project specially in writing this report.

Furthermore, I would also like to acknowledge with much appreciation the crucial role of the
staff, who gave the permission to use all required equipment and necessary materials
throughout the period. Last but not least, my thanks go to the head of the project who have
invested his full effort in guiding us in achieving the goal. I have to appreciate the guidance
given by the other supervisor as well as the panels especially in our project presentation that
has improved our presentation skills thanks to their comment and advices.
 Index

1. CHAPTER 1: Introduction..........................................................................................1-11

1.1. Introduction of Organization Business Sector...............................................................1

1.1.1. About the Industry
1.1.2. Mission and Vision
1.2. Organizational Structure................................................................................................4
1.2.1. Organizatonal Structure
1.2.2. Top 11 CA Firms in India
1.3. Competition Overview (20 Firms)..............................................................................11

2. CHAPTER 2: Company Profile.................................................................................12-21

2.1. About the Company.....................................................................................................13

2.1.1. Departments of CA Company
2.2. Services Offering.........................................................................................................18
2.3. Audit............................................................................................................................21

3. CHAPTER 3: Conceptual Discussion.......................................................................22-54

3.1. Objective of the Study................................................................................................23

3.2. Job Description...........................................................................................................24
3.3. Overview of Vouching...............................................................................................29
3.4. Preparation of books on Tally.....................................................................................30
3.5. Overview of Tally ERP9............................................................................................40
3.6. Overview of Auditing.................................................................................................47

4. CHAPTER 4: Learning, Conclusion & Suggestions...............................................67-74

4.1. Behavioral Learning from Organization.................................................................68
4.2. Suggestions and Recommendations........................................................................71
4.3. Limitations..............................................................................................................73
4.4. Conclusion..............................................................................................................74
5. CHAPTER 5: Bibliography...................................................................................75-76
5.1. References...............................................................................................................76
CHAPTER 1 INTRODUCTION
 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.
 MISSION & VISION

Mission of ICAI

Is to achieve excellence in professional competence, add value to businesses and economy,

safeguard public interest; ensure ethical practices and good corporate governance while
recognizing the needs of globalization.

Vision of ICAI

The profession of Chartered Accountants in India should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.
 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.

Managers are inquired of by Senior Managers and mostly manager manage audit field
works etc. and after field work managers with cooperation of senior managers makes and
finalize any audit report to be issued. Senior Manager is a qualified Chartered accountant
having more than 10 year working experience.

Field work and information collection and implementation of policies by adopting changes
in rules & regulations is the main responsibility of supervisors and trainees. They use
different kind of techniques for error and fraud detection.
 Top 11 CA firms in India

1. 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’.

2. 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.
3. KPMG: -

Having its global headquarters in Amstelveen, Netherlands, KPMG has been considered as
one of the largest professional services companies in the world.

It is amongst the Big Four auditors, standing along with PWC, Deloitte and EY. The
professionals employed with this firm, KPMG is 162,000 people and performs three services,
viz. audit, tax, and advisory. The tax and advisory services provided by the firm are further
divided into various service groups.

4. Ernst & Young: -

Ernst & Young abbreviated as EY is a multinational professional services firm having its
headquarters in London, United Kingdom. In terms of Revenue, it has been ranked as the
world’s third largest professional services firm surveyed in 2012 and is one of the four biggest
audit firms.
5. 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.

6. 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.

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.
7. RSM International: -

RSM ranks the 7th largest among the professional services network for audit, tax and
advisory firms. It takes pride in holding the 6th rank as the largest global provider of tax
services in the world.

It has its fully independent member firms and correspondents in 111 countries surveyed,
September 2014. The member firms of RSM International have a combined total of 35,396
staff which includes 3,221 partners in 718 offices.

Three of the original member firms of the organization are Robson Rhodes (UK), Salustro
Reydel (France) and RSM McGladrey/McGladrey & Pullen (USA).

8. SS Kothari , Mehta & Co.: -

The best thing about this Firm is that it has over 55 years in existence. SS Kothari has been
one of the highly reputed firms in Delhi and has its branches in 100 other countries.

It has created a strong National presence through a network creation of 6 offices and 20
associates which covers almost all the regions of the Country. With a combination of Partners
and Associates, it has covered almost all the parts of the country.

It offers services in BPO, Tax Advisory Services, Merger and Acquisition, Statutory Audit
Services, Corporate Laws and other different areas.
9. Lodha & Co.: -

This is also a vintage firm set up in 1941 and has its offices all over India. They operate in
locations like Kolkata (Calcutta), Chennai (Madras), Hyderabad, Mumbai (Bombay), New
Delhi and Jaipur.

Lodha & Co. has proficiency in providing professional services to a large number of
corporate clients, central banks, banks, insurance companies, public sector corporations etc.
They operate both in India and Internationally.

10. Sahni Natrajan & Bahl (SNB): -

SNB is a national Indian firm which is based in Delhi and provides its services in the field of
audit, consulting, accounting and allied areas. It was established in 1981 and is one of the
leading Firms in India having its Headquarters in New Delhi and branch offices in Bangalore
and Mumbai.
The Firm has kept its Aim for providing services of the highest quality, resulting in the
addition of value to each of its clients in a totally professional, independent and ethical
manner.
It is known for providing services in various areas like Taxation, Auditing and Internal Audit,
Corporate Laws and several other services relating to services.
11. Luthra & Luthra: -

Luthra & Luthra is a Delhi-based firm having six other partners. The Firm was established
in 1979.

It has been one of the most leading firms in India and has been providing its services in audit,
advisory, tax and corporate law matters. It is bound to provide high-end services to its
clients.

The success of Firms depends on its professionals, thus the Firm focuses on training its
employees such that they could find solutions to the various needs and queries of its clients
and thus, achieving the Organizational goals. It has its branches in Delhi, Mumbai, Bangalore,
Chennai and Noida.

This firm is known for providing its service in different fields like Taxation, Corporate Laws,
Foreign Exchange Compliance and SEBI related services in cooperation with 18 highly
qualified personnel.
CHAPTER 2 COMPANY PROFILE
 ABOUT THE COMPANY

Bisht & CO. is a leading chartered accountancy firm. It is rendering comprehensive

professional services which include audit, management consultancy, tax consultancy,
accounting services, manpower management, secretarial services etc.

It is 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.

Bisht & Co. has a clear vision for the future growth and development of financial markets and
services and researches to stay ahead of these trends and developments. Bisht & Co. moulds
its operations and areas of competencies and introduces services so as to assist clients in their
business operations and growth.
 DEPARTMENTS OF CA COMPANY

BISHT & CO.is having its head office in Rishikesh. Almost all the controls and regulations
are dealt at head office in Rishikesh. All the offices constitute different number of
departments who basically handle their respective functions. The major departments include:

 Audit and Assurance Department: -

Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies, NGOs and partnerships. Firm also
performs special assignments which include management audits, internal audits and
investigations. Audit focuses on business issues and the matters that can impact on the
financial statements, whilst also retaining the basic audit procedures that test the information
contained in the financial statements. Services are aimed to comply with the legal
requirements as defined under the various laws and regulations in Pakistan. In doing so firm
not only identify the non-compliances but also assists clients in its rectification, designing
remedial measures and provides guidance to adhere with the laws and regulations. Firm
always endeavor to meet reporting deadlines as set out by the laws and regulations or as
mutually agreed with clients, without compromising the professional, legal and ethical
requirements.

Firm’s emphasis is on delivering high quality services to clients, adding value to their
business through identification of existing and potential control risks and suggesting best
possible measures in the given circumstances. Firm always places priority to deploying audit
teams to clients who are well equipped with the specific industry knowledge, experience and
are professionally sound.
 Tax and Corporate Department: -

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits
available under the laws. Firm also assist clients to comply with the tax rules and regulations
and always keep them updated with the latest developments and amendments. Tax personnel
are qualified professionals, experienced and knowledgeable. We maintain a comprehensive
tax library which always provides ready references and timely solution in complex situations.
Firm provides a comprehensive range of tax services which includes;

 Preparation and submission of annual tax returns.

 Compliance services.
 Tax advisory services.
 Representation and litigation with tax authorities.
 Personal income tax services.

In BISHT & CO. Same staff is handling with tax matters as well as corporate sector. While in
corporate firm provides different kinds of services relating to corporate sector from
incorporation to winding up of a Company.

 Computer Department: -

Department handles the computer related matters and assists other departments in working
properly and efficiently. Department deals with online filing of returns of income for tax
department and finalize audit reports in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be faced by computer
users time to time.
 Correspondence Department: -

It handles with all the correspondence of the firm by sending the solicited and unsolicited
information from time to time. Effectively and efficiently manage the day-to-day operations
of the Correspondence. Interact with clients to resolve policy and customer issues. Identify
trends and remove obstacles in Statement production and delivery by properly maintaining
record of all communication for future reference.

 HR Department: -

This department is mainly concerned with the recruitment, hiring/firing of the firm and this
department presents the timely reports on effective utilization of the resources by the firm. A
purpose of the human resource is to keep the trained employees and recruit new energetic
staff to work. Another purpose of this department is to provide a good working environment
for staff and try to make by facilitating them and arranging some recreational activities for
them. HR knows the real worth of its employees so cares for them and motivate them to work
more efficiently and diligently.

The hierarchy adopted by BISHT & CO.is in accordance with the legal structure a CA firm
shall have. Although the ICAI rules permit of not having the supervisors and does not make it
mandatory having senior manager and manager, yet this goes as additional benefit for the firm
of having such an extensive hierarchy.
 CORPORATE SERVICES

 Incorporation of company

 Consultancy on Company Law matters.

 Advisory Planning for Mergers, Acquisitions, De-mergers, and corporate re-

organizations.

 Filing of annual returns and various forms, documents.

 Clause 49 review for compliance with fiscal, corporate and tax laws

 Secretarial Matters including share transfers

 Maintenance of Statutory records

 Consultancy Services on Public/Rights/Bonus Issue of shares.

 Change of Name, Objects, Registered Office, etc.

 SERVICES OFFERING

 Company Registration: -

The most common business composition is to register a Pvt. Ltd. Company. Company
registration will enable limiting the person liability of promoters to the extent of paid up
capital. Promoters have to get DIN & check availability of the company name.

 One Person Company: -

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your
business within reasonable fees by experienced CA firms.

 LLP Registration: -

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of
partnership. It is apt for small businesses. Experienced CA firms can ease out the process
within reasonable fees.

 GST Registration: -

GST registration of business is to enable selling of goods with turnover value beyond a certain
limit. Limit may differ from state to state. It is necessary to get GST Input Tax Credit.
Experienced CA firms can ease out the process within reasonable fees.

 Project Financing: -

Companies need funds to grow their business. Experienced CA can prepare project report for
loan financing to ensure that you get best eligible amount in the shortest time. Generally, fees
are charged as percentage of financed amount.
 ROC Filing: -

Periodic returns/forms need to be submitted to Registrar of Companies (ROC) for company’s

act compliance. Experienced CA firms can file timely & correct ROC filing in reasonable
overall cost.

 GST Return: -

GST returns to be filed on periodic basis by business to provide information about value of
turnover & total GST liability & mode of payment. Frequency may differ from state to state.
Delays will attract penalty. Experienced CA firms can ensure compliance with reasonable
fees.

 TDS Return: -

Income tax act requires TDS (Tax Deducted at Source) deduction file the TDS return on
periodic basis by mentioning TAN No.

 Income Tax (Salaried): -

Income tax return of salaried employee can be filed with help of Form 16 & Form 16A. Form
26 AS will help you in getting information about TDS on salary. Experienced CA firm
can help you for better tax planning and reduce the TDS.

 Income Tax (Business): -

Income Tax returns filing is requirement of Income Tax Act for companies/businesses. Tax
Audit Report helps in compliance of income tax laws. Experienced CA firms can help in
reducing non- compliance of income tax laws.
 Tally Accounting: -

Tally is most used accounting software. Small and medium sized business can take services
from CA firms who can allocate accountants to handle accounting for your business.

 Statutory Audit: -

Get the statutory audit of your company under Companies Act from experienced CA firms.
Statutory Audit is compulsory for any type of company.

 Tax Audit: -

Tax Audit is requirement of Income Tax Act for companies/large businesses. Tax
Audit Report helps in compliance of income tax laws & highlights key tax related
information. Experienced CA firms can help in reducing non-compliance of income tax laws.

 Internal Audit: -

Internal Audit & Internal Financial Control Testing is needed as per Companies Act. Internal
Audit is not as compulsory as Statutory Audit. Internal auditor can add value to your business
to arrest leakage & improve control and efficiency.
 AUDIT

Broadly, Audit involves the following:

 In-depth study of existing systems, procedures and controls for proper understanding.
Suggestions for improvement and strengthening.
 Ensuring compliance with policies, procedures and statutes.
 Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
 Checking the genuineness of the expenses booked in accounts.
 Reporting inefficiencies at any operational level.
 Detection and prevention of leakages of income and suggesting corrective measures
to prevent recurrence.
 Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
 Issue of Audit Reports under various laws.

Types of Audits conducted: -

 Statutory Audit of Companies.

 Tax Audit under Section 44AB of the Income Tax Act, 1961.

 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.

 Concurrent Audits.

 Revenue Audit of Banks.

 Branch Audits of Banks.

 Audit of PF Trusts, Charitable Trusts, Schools, etc.

 Audit of Co-operative Societies.

 Information System Audit.

 Internal Audits.
 CHAPTER 3

CONCEPTUAL DISCUSSION
 OBJECTIVES OF STUDY

I choose to work with Bisht & CO. During this internship I have learnt many new skills.
Before internship I have only theoretical knowledge about work in organization but now, I
have practical some practical experience of working in organization. Now I have knowledge
about the organization’s working environment and how organizations work and achieve their
goals and objectives.

This internship has to gives me the understanding of business and also about the elements of
strategic thinking, planning and implementation, and how these things are applied in a real
world organization environment. Following are the objectives that I have in my mind before
working as an internee.

 To improve communication skills.

 To analyze the business situation.
 To establish high standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organization.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situations.
 To learn how to promote and to conduct research in business areas.
 To enhance my personal knowledge and professional preparation for
future.
 To properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in an organization.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into an organization.
 To get exposure to do a work in an organization and also known about organizational
behavior, ethical rules and regulations.
 Assist the student development of employer-valued skills such as teamwork, strong
communication and attention in details.
 Expose student to the environment & expectations of performance on part of accountants
in professional accounting practices.
 Enhance & expand the student’s knowledge of particular areas of accounting.
 Expose the students to professional role models or mentors who will provide the student
with support in the early stages of the internship & provide an example of behaviour
expected in the internship workplace.
 Expand networks of professionals’ relationship & contacts.
 Develop a solid work ethic & professional demeanour as well as commitment to
ethical conduct & social responsibility.
 Develop time management skills and the ability to be responsible for more than one project
at a time.
 Develop organizational skills to complete the project in a timely manner.
 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained during the
studies. On my first day at firm, company in- charge Mr. Shekhar Chandra gave me training
session about TDS returns and computerized accounting in tally software and also shared his
practical experience with me and gave me some techniques of this process. He also guided me
that how to prepare VAT/GST return and filing data in income tax return preparation
software.

Different task that I performed during my internship:

 Vouching
 Preparing books of accounts in tally
 Voucher Entry
 Preparing Data in Excel Sheet
 Prepare Projected Balance Sheet
 Auditing

Software used during internship:

 MS office
 Tally software
 Overview of VOUCHING

Vouching is a technical term which refers to the inspection of documentary evidence

supporting and substantiating a transaction, by an auditor. It is the practice followed in an
audit, with the objective of establishing the authenticity of the transactions recorded in the
primary books of account. It essentially consists of verifying a transaction recorded in the
books of account with the relevant documentary and the authority on the basis of which the
entry has been made; also confirming that the authority on the basis of which the entry has
been made; also confirming that the amount mentioned in the voucher has been posted to an
appropriate account which would disclose the nature of the transaction on its inclusion in the
final statements in account. Vouching do not include valuation. Vouching can be described as
the essence or backbone of auditing.
 PREPARATION ON BOOKS ON TALLY

Following are the books that were made in tally:

 VOUCHER ENTRY: -

Tally provides flexibility to use predefined voucher types, comprising of accounting and
inventory voucher types to record various business transactions. It also allows you to use
Keyboard Shortcut Keys as well as mouse operations during voucher entry.

To create a new Voucher Type,

Go to Gateway of Tally > Accounts Info. > Voucher Type > Create

 Enter the Voucher name

 Specify the Type of voucher

 Specify the Method of numbering

 Activate or deactivate the other functions as required.

 BOOKS AND REGISTERS: -

Tally provides you capability to generate various books and registers for any specific period
viz., month, date, and year and as on date. In Tally, once voucher entry is made, the
transactions are automatically & immediately in the Day Book and other Books of Accounts
without any additional effort. Tally allows you to maintain and generate all primary books of
accounts and registers like:

 Cash Book
 Debit Note Register
 Bank Book
 Credit Note Register
 Purchase Register
 General Ledger
 Sales Register
 Journal Register
 Overview of Tally ERP 9

 Journal Entry

Journal Vouchers are used to adjust the debit and credit amounts without involving the cash
or bank accounts. Hence, they are referred to as adjustment entries.

 Creating a Journal Entry: -

Journal entries are usually used for finalization of accounts. To pass a Journal Voucher,
Go to Gateway of Tally > Accounting Vouchers
· Click on F7: Journal on the Button Bar or press F7.
For example, there may be entries made for interest accrued or interest due. If you have
to receive Interest from a party, the same can be entered using Journal Voucher.

1. Debit the Party

2. Credit the Interest Receivable Account the Journal entry is displayed as shown:
 SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

 ALT+R: Recalls the Last narration saved for the first ledger in the voucher, irrespective
of the voucher type.

 CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of
the ledger.

Allowing Cash Accounts in Journals:

Journals are adjustment entries, which do not involve Cash account and Bank account.
However, in exceptional cases where the user would like to account Journal entries involving
Cash/Bank Account, Tally.ERP 9 has the flexibility of passing such entries by enabling the
option under F12 configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in Journals to Yes in F12: Configure (Voucher Entry
Configuration).
To pass a Journal voucher with Cash/Bank Ledger,

1. Go to Gateway of Tally > Accounting Vouchers > Select F7: Journal

2. Press the spacebar at the Debit or Credit field.

The Journal Voucher Screen with Cash/Bank Ledger selection will appear as shown:
 Debit Note Entry

Debit Note is a document issued to a party stating that you are debiting their Account in your
Books of Accounts for the stated reason or vice versa. It is commonly used in case of
Purchase Returns, Escalation/De- escalation in price, any other expenses incurred by you on
behalf of the party etc.
Debit Note can be entered in voucher or Invoice mode.
You need to enable the feature in F11: Accounting or Inventory features.
· To use it in Voucher mode you need to enable the feature in F11: Accounting Features -
Use Debit / Credit Notes.
· To make the entry in Invoice mode enable the option F11: Accounting Features - Use
invoice mode for Debit Notes.
To go to Debit Note Entry Screen,
Go to Gateway of Tally > Accounting Vouchers
· Click on Ctrl+F9: Debit Note on the Button Bar or press Ctrl+F9. You can toggle
between voucher and Invoice mode by clicking Ctrl+V. Pass an entry for the goods
purchased returned to Supplier A:
 SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

1. ALT+R: Recalls the Last narration saved for the first ledger in the voucher,
irrespective of the voucher type.

2. CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of the
ledger.

 Credit Note Entry

Credit Note is a document issued to a party stating that you are crediting their Account in your
Books of Accounts for the stated reason or vice versa. It is commonly used in case of Sales
Returns.

A Credit Note can be entered in voucher or Invoice mode.

You need to enable the feature in F11: Accounting or Inventory
features.
· To use it in Voucher mode you need to enable the feature in F11: Accounting
Features - Use Debit / Credit Notes.
· To make the entry in Invoice mode enable the option F11:
Accounting Features - Use invoice mode for Debit Notes.
To go to Credit Note Entry Screen:
Go to Gateway of Tally > Accounting Vouchers

1. Click on Ctrl+F8: Credit Note on the Button Bar or press Ctrl+F8. You can toggle
between voucher and Invoice mode by clicking Ctrl+V. Pass an entry for goods sold returned
from Customer A:
 SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

· 1. ALT+R: Recalls the Last narration saved for the first ledger in the voucher, irrespective
of the voucher type.
·
· 2. CTRL+R: Recalls the Last n a r r a t i o n s a v e d for a s p e c i f i c voucher type,
irrespective of the ledger.
·
 OVERVIEW ON AUDITING

An auditor is someone who prepares and examines financial records. They ensure that
financial records are accurate and that taxes are paid properly and on time. They assess
financial operations and work to help ensure that an organization runs efficiently.

In this area, we were done different type of work such as matches the balances of transactions
from software information with our tally voucher entries information. We check different
financial records of companies any analyze that and identify the mistakes then give some
suggestions to them.

An audit is a systematic and independent examination of books, accounts, statutory records,

documents and vouchers of an organization to ascertain how far the financial statements as
well as non-financial disclosures present a true and fair view of the concern. It also attempts
to ensure that the books of accounts are properly maintained by the concern as required by
law. Auditing has become such a ubiquitous phenomenon in the corporate and the public
sector that academics started identifying an Audit Society. The auditor perceives and
recognizes the prepositions before them for examination, obtains evidence, evaluates the same
and formulates an opinion on the basis of his judgement which is communicated through their
audit report.

Any subject matter may be audited. Auditing is a safeguard measure since ancient times.
Audits provide third party assurance to various stakeholders that the subject matter is free
from material that the subject matter is free from material misstatement. The term is most
frequently applied to a legal person. Other areas which are commonly audited include:
secretarial and compliance audit, internal controls, quality management, project management,
water management and energy conversion.
 Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) maintains external auditing
standards for public companies (issuers) registered with the Securities and Exchange
Commission (SEC).

As of 2012, PCAOB has 15 permanent standards approved by the SEC and a number of
interim standards that reflect generally accepted auditing standards, as described in standards
issued by the Auditing Standards Board (ASB), which is part of the American Institute of
CPAs (AICPA).

The ASB also issues Statements on Auditing Standards (SASs) that apply to preparing and
releasing audit reports for non-issuers (companies not required to register with the SEC).
AICPA members who audit a non-issuer are required by the AICPA Code of Professional
Conduct to comply with these standards. As of 2012, there are more than 60 active
standards.

For internal auditing, the Institute of Internal Auditors provides a conceptual framework
called the International Professional Practices Framework (IPPF) that provides guidance for
internal audits. Some of the guidance is mandatory, while others are considered strongly
recommended, but not required by law.

There are four main steps in the auditing process. The first one is to define the auditor’s role
and the terms of engagement which is usually in the form of a letter which is duly
signed by the client.

The second step is to plan the audit which would include details of deadlines and the
departments the auditor would cover.
 The next important step is compiling the information from the audit. When an auditor
audits the accounts or inspects key financial statements of a company, the findings are
usually put out in a report or compiled in a systematic manner.

The last and most important element of an audit is reporting the result. The results
are documented in the auditor’s report.

 Audit Planning

Audit planning includes deciding on the overall audit strategy and developing an audit plan.

Auditing Standard No. 9 from the PCAOB describes an external auditor's

responsibility and the requirements for planning an audit. According to standard No. 9, an
audit plan is expected to describe the planned nature, extent, and timing of the procedures
for risk assessment and the tests to be done on the controls and substantive procedures, along
with a description of other audit procedures planned to ensure the audit meets PCAOB
standards.

For internal auditing, the Institute of Internal Auditors provides guidance for audit planning.
Planning starts with determining the scope and objectives of the audit.

Internal auditors need to understand the business, operations, and unique characteristics of
the department/unit being audited and to develop an audit plan that defines the procedures
needed to do an efficient and effective audit.
 CHAPTER 4

WORK & RESEARCH

Description of process followed to accomplished the assigned task in the organization

 Tally Entries

Following process are followed for accomplishment this task:

 Firstly, we review all records of vouchers carefully, that no any vouchers had any
queries related to adjustments.
 Then, we make a separate folder for that work.

 Then, we create a company in Tally software by that company name and started doing
entries.
 Receipts & Payment entries are posted carefully as it carries some contra entries also.
 Then after completing entries posting recheck the data by Balance sheet, Trial balances
& Day book.
 Any queries related to this work communicated to our external mentor.

 Auditing

These steps were followed by us in auditing:

 Build an audit strategy.

 Verify that all outgoing checks were properly signed, accounted for and posted to the
correct accounts.
 Ensure that all deposits were properly posted.

 Review all financial statements.

 Ensure compliance with all state and federal requirements.

 Review all treasurers’ reports.

 Complete the financial review worksheet.

 Suggest improvements to internal controls.

 Determine your audit opinion.

 Submit all documents to companies.

 CHAPTER 5

LEARNING, CONCLUSION AND SUGGESTIONS

 Behavioral Learning from the Organization

 COMMUNICATION

Good communication consists of many other different sub-skills, from suitable patterns of
body language and eye contact with the ability to write clear and accurate reports. Accurate
listening and the ability to follow instructions are especially important but are often ignored or
taken for granted. Many people simply do not pay close attention to what others say or write
and do not ask follow-up questions to check their understanding. As a result, individuals act
on their own inaccurate assumptions and create inefficiencies and frustrations at work.
Communication training will help them overcome these challenges.

 GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything one must plan which
surprisingly few people know how to do. Planning requires setting concrete goals, identifying
workable action steps, and making a commitment to see the plan through.

Even setting the primary goal can be difficult when multiple issues are competing for
attention. Effective planning requires arranging problems by importance and delegation. It is
impossible to do everything at once, but if one focuses on the most important tasks and ask
for help, then can accomplish a lot.

 SELF-IMPROVEMENT

Life in the workplace should not enforce stagnation; there should be a constant need or desire
for improvement. Satisfaction leads to a perception of repetition, which is the essential of a
job perceived as unchallenging. Employees should improve to avoid both the frustration of
inexperience and contentment with their work.
People always have room to grow, and advance behavioral skills are always welcomed. At
the upper end, one can give your workers the tools and mindset to aim for improvement by
observing their behavior, work habits, and production. Self-improvement training will help
provide feedback and criticisms that they can use to benefit their next assignments. An
essential part of promoting improvement is to communicate to the employees that failure.

 EMPATHY

Being an empathetic individual comes naturally to some, but is less natural to others.
Behaving with empathy means more than feeling bad for someone who’s sad or sharing in
someone else’s joy. It means being able to step into someone else’s world to understand not
just what their point of view is, but also why they have that point of view.

Empathy is a behavioral skill that can help one not only keep their own peace of mind but can
also help one to grow in your career because empathetic people tend to put others at ease.

 CONFLICT RESOLUTION

At points of imbalance and friction, the employees must be able to confront the tension
between them and resolve whatever disagreement arises. This is a twig of communication,
though it is a distinct skill that can be hard to develop due to hesitation and the intimate nature
of the workplace.

The bad habit to breed is ignoring these conflicts to the point that they grow and spread like
wild-fire, damaging relationships and the productivity of both individuals and the team.
Instead, employers should remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their workers see the bigger
picture when they harbor uncertainties.
 5 BEST PRACTICES OBSERVED IN THE ORGANIZATION

 There is no racism on the basis of any caste, creed, color or gender. Everyone is treated same
thus making it easy to co-ordinate with each other and to share views and ideas with each
other. The mentors as well as the colleagues are always ready to sort out any problem that the
interns could not resolve on their own.

 Everyone is disciplined and dedicated towards their job, thus provides motivation to do our
jobs perfectly and to learn and grab as much as we can. The perfect competitive environment
always motivates us to excel in our job responsibility and to perform better than we are
performing

 The working environment is lenient in the organization. Neither the employees are
overburdened by the work given. Neither they nor the proprietor force them to work for extra
time. All the work/targets are completed by the employees in the provided time frame.

 The employees are always energetic and ready to do work; they don’t waste their time. They
always strive for excellence with effectiveness and efficiency in their work. Even if the
proprietor is not at the office they don’t skip work hours.

 The proprietor is really good at customer handling, he is always too humble towards the
clients even though if the clients are in bad mood or tempered, he never loses his temper and
handles them greet fully. he never abuses his employees even if they make silly mistakes, and
corrects their mistakes by smiling and sarcastically commenting on it so the employees don’t
feel down and eventually improve themselves.
SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or any
organization till there are improvements and chances to develop and grow, the organization
must improve itself at its best. In my opinion some of the
suggestion/recommendations are:

 They have good opportunity to introduce the ISO standards training program which no
other firm is giving to customer.
 Try to adopt new technologies that their competitors are not using.

 Make a network that allows its customers to negotiate with them easily.

 In comparison with their competitors, BISHT & CO. Has an edge in making an accurate
and error free report.
 The local economy continues to be strong and we believe our typical clients will
continue to flourish.
 The company has mostly professional educated human resources, which are the
biggest threat for their competitors.
 BISHT & CO. strongly needs to improve its network firms so as to be counted among
one of the extensively know firms in UK. The partner needs to make the best use of
their goodwill to bring more clientage and reputation to firm. They need to offer the
audit services at most economical cost with the assured quality services to retain and
expand clients.
 The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings and
mentoring exercises would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize the staff.
 The trainees are not offered extra financial or any other incentive for the extra work or
over time. This causes some sort of abstractions which immediately need to be
overcome by the management.

 The firm, to be more competitive in future, still has room for improvement in
Information Technology. As firm don’t have any of its website to attract customer and
their timely feedback as most of the good firms have their own web and well organized.

 Firm also lacks in marketing perspective as it does not any marketer to market and
introduce their business, firm is getting business only on personal relations of the
partners and other firm personnel. So if firm wants to improve its business volume it
needs a professional marketer as many other big firms adopted and have complete
marketing department.

 The employees are provided less salary than the government has asked to provide in
minimum wage act, therefore the employees must be provided at least the minimum
salary.

 It is 6 days working in the organization; most of the organizations are using 5 days
working schedules so that employees don’t feel exhausted and their efficiency increases.
So, the organization must provide at least one-day leave to the employees to rest and
freshen up.

 Most of the computers and laptops in which the work was done were old and because of
that we were unable to carry out our tasks properly. The organization must have proper
systems so that the work load can be handled efficiently.
 LIMITATIONS

 They have a small staff with limited skill set in many areas.
 Less number of staff members.
 Developments in technology are changing this market. BISHT & CO. Needs to adopt new
technology and adapt to the changed market realities.
 Change in government policies and procedures may act as threat for company.
 A small change in focus of large competitor might wipe out any market position achieved.
 BISHT & CO. Has many competitors. Under certain circumstances stiff competition can
threaten the margins and hence the survival of the firm.
 CONCLUSION

 BISHT & CO. is overall one of the profits making and reputed firm of Earth. The
organization since its very first day is devoted to providing quality services. The detailed
and through review of work and clients’ trust shows the perfection with which it is working.

 The firm has earned a distinction of being placed in the category 'A' in the list of panels of
auditors maintained by State Bank of India. Moreover, only these “A” category firms can
audit of listed companies.

 The Institute of Chartered Accountants of India has also carried out the Quality Control
Review and has issued satisfactory QCR report stating that the firm has conducted the audits
of the clients in accordance with International Standards on Auditing.
 CHAPTER 6

BIBLIOGRAPHY
 REFERENCES

https://economictimes.indiatimes.com

https://www.avalara.com

https://www.business-standard.com

https://www.google.co.in/imghp?hl=en&tab=wi&ogbl

http://www.gstcouncil.gov.in/

https://www.myloancare.in/tax/income-tax-slabs-rates/

https://www.wikipedia.org/

www.google.com