Project Report

ON
Accounting and Tally

Submitted in partial fulfillment for

the award of the
Degree of B.COM (H) 2017-2020

Under Supervision of
Ms. ANSHIKA
ASSISTANtPROFESSOR

B.COM (H) 5th

SEMESTER

ENROLLMENT NO:

44012388817
 CERTIFICATE
This is to certify that the Project Report titled “E-RECRUITMENT” is an academic work

done by MR.NITESH KUMAR, Roll no. 44012388817 submitted in the partial fulfillment of

the requirement for the award of the degree of BCOM HONS at Delhi Institute of Advanced

Studies, Delhi, under my guidance & direction.

To the best of my knowledge and belief the data & information presented by him/her in the

project has not been submitted earlier.

Ms Anshika
Assistant Professor
Training Completion
certificate from the
organisation
 DECLARATION BY THE STUDENT
Dated: - 12-August-2019

This is to certify that the present Summer Internship Report entitled

“Accounts & Tally” is my original work. This Summer Internship
Report fulfils the requirement of the “B.Com(Hons.)” degree of this
University. It does not form the basis for the award of any degree or
diploma from any other university or institution.

Nitesh Kumar (B.Com Hons.)

(V Semester)
Enrollment No: - 44012388817
 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 project manager Mr. Amit R C Jain
and my college mentor Ms. Anshika whose contribution in
stimulating suggestions and encouragement, helped me to coordinate
my project specially in writing this report.

Furthe rmore, 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 Mr.
Amit R C Jain who have invested his full effort in guiding the team 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
Introduction of Organization Business Sector
About the Industry
Mission and Vision
Organizational Structure
Organizational Structure
Top 11 CA Firms in India

2. CHAPTER 2: Company Profile

About the Company
Departments of CA Company
Services Offering

3. CHAPTER 3: Conceptual Discussion

Objective of the Study
Job Description
Overview of Vouching
Preparation of books on Tally
Overview of Tally ERP9
4. CHAPTER 4: Work and Research
Description of accomplished work in Organization

5. CHAPTER 5: Learning, Conclusion & Suggestions

Behavioral Learning From Organization
Suggestions and Recommendations
Limitations
Conclusion

6. CHAPTER 6: Bibliography
References
 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
"neighbour" 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

Amit R C Jain & 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.
Amit R C Jain & 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. Amit R C Jain & Co. moulds
its operations and areas of competencies and introduces services so as
to assist clients in their business operations and growth.
 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 Shekhar CA & 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 Shekhar CA & 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.
 CHAPTER 3
CONCEPTUAL DISCUSSION
 OBJECTIVES OF STUDY

I choose to work with Amit R C Jain & 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.
 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. Amit R C Jain gave me training session about
computerized accounting in tally software and also shared his
practical experience with me and gave me some techniques of this
process.

 Vouching
 Preparing books of accounts in tally
 Voucher Entry
 Preparing Data in Excel Sheet..
 Maintenance of accounts/ book keeping.
 Checking of balance sheet

Different task that I performed during my internship:

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 arration saved for a specific
voucher type, irrespective of the ledger.
·
 AS-26 INTANGIBLE ASSETS

Intangible asset is a non-physical non-monetary asset which is held for

use in the production or supply of goods and services, or for rental for
others, etc.
As 26 should be applied by all enterprises in accounting of intangible
assets, except:
 Intangible assets that are within the scope of another standard
financial assets.
 Rights and expenditure on the exploration for or development of
minerals, oil natural gas and similar non-generative resources.
 Intangible assets arising in insurance enterprise from contracts with
policyholders.

Recognition and Initial Measurement of an Intangible Assets

It applies when an item meets the criteria of an Intangible asset and it is
probable that the future economic benefits will flow to the enterprise
and the cost of the asset can be measured reliably. These recognition
criteria are applicable to cost of acquiring and generating an intangible
asset internally.

Note: If an intangible asset is acquired separately, that should be

measured initially at cost, which includes purchase price that includes
import duty, non-refundable purchase taxes, after deducting trade
discount and related direct cost.

If an asset is acquired in a business combination, the cost of that asset

should be its fair value at the acquisition date which depends on market
expectations. When the asset is acquired free of charge or for a normal
consideration, by way of government grant, then it is recognized at a
nominal value or at the acquisition cost.
 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.
 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, SHEKHAR CA & 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.
 Shekhar CA & 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. Shekhar CA &
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.
Shekhar CA & Co. has many competitors. Under certain
circumstances stiff competition can threaten the margins and hence the
survival of the firm.
 CONCLUSION

 Shekhar CA & Co. is overall one of the profit 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 panel 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://cleartax.in/s/income-tax-slabs

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