You are on page 1of 4

Dear Sir,

I, Saurav Kumar Agrawal (Roll No.-166, Room No.-11, Year-3rd,


B.Com Morning Department with specialization in Accounting and
Finance) would like to draw your attention to the details of the work
done by me as an intern in J.Jain and Company. I would like to bring to
your notice the types of assignments handled by me during my
internship:
Sl.No Work Done Details of work Done
.
1.) Statutory I had been sent to conduct the statutory
Audit audit(For the half year ended 30th Sep.’2011) of
a private limited company belonging to the
Himalaya(opticals) group.
Procedure Adopted:
• At first, I had an interaction with the
accountant of the Company. With him me
and the oher members of the audit team
had a detailed discussion about the
internal controls of the company ;and also
the inventory management system and
various persons entrusted with the
authorizations to sign the various
vouchers at different amount levels.
• Then I proceeded to inspect the books of
accounts maintained by them.
• Thereafter, I asked for the printouts of the
relevant books of accounts and started
with vouching the cash and bank
transactions. While vouching cash
transactions we kept track of the nature
of the expenditure-revenue or capital, and
also that the revenue cash expenses did
not exceed Rs.20000 for a single expense
on a single day.
• Then me and the other members of the
audit team vouched the purchase and
sales vouchers.
• Finally we got our queries cleared with
the management and suggested ways to
improvise their internal control system.
Then we took a printout of the trial
balance as on the above date and the
audit was completed.

2.) VAT Audit Next I had been sent to conduct the vat audit of
some other limited companies:
>Shiva Polymers Pvt. Ltd.;
>Vision World Pvt. Ltd.;
>Spects World Pvt. Ltd.;
>Yaashi Steels Pvt. Ltd.

Procedure Adopted:
• At first, I asked the clients to furnish the
quarterly returns for the four quarters of
the financial year ended 31st March’2010.
• Then I took the quarterly balances of the
purchases, sales, vat input, vat output,
etc. as per their books of accounts.
• Next I enquired into the reasons for
difference(if any) between the figures of
purchases, sales, etc as per the returns
and the books of accounts.
• I also checked whether the vat liability
was met within the due dates as per the
law for the time being in force in India.
• Finally a statement showing reconciliation
of the balances as per returns and as per
the books of accounts was prepared and
Form 88 filled up.
3.) Tax Audit I had also been engaged in the tax audits of
several proprietorships ,partnerships and
limited companies. I collected all the details
required to fill up forms 3ca, 3cb and 3cd. Such
details include among others-
• Depreciation as per income tax act,1961;
• Details of any carried forward losses;
• Details of expenditures disallowed under
the Income Tax rules;
• Details of loans exceeding the limits as
per section 269SS ;etc.
Finally, I filled up the relevant forms pertaining
to tax audit.

4.) Preparation of I was entrusted with the job of preparing the


books of books of accounts of an individual.
Accounts of Procedure Adopted:
an individual • At first I collected all the relevant
vouchers, bank statements, tds
certificates ,etc. from the client who was
a doctor by profession.
• Next I started passing journal entries for
the events that required journalizing. In
the process I used Tally ERP9 accounting
package to make the entries.
• Next I downloaded form 26AS and
reconciled the reasons for difference in
the tds and advance tax paid as per form
26AS and as per the tds certificates and
necessary entries were made to reflect
the reconciliation.
• Finally the books of accounts were
handed over to the client.
5.) ROC related I also got the opportunity to fill some of the ROC
documents related documents such as:
• Form 32-Related to the appointment,etc.
of the directors of a company;
• Form 18-Related the change in address of
principal office of business of a company;
• Form 23AC,23ACA-Related to the financial
statements of a company ;etc.
6.) Computation Last but not the least , I got the opportunity to
of total prepare the income tax returns of certain
income and companies as well as individuals.
tax thereon While doing this I had to allocate the income
among the 5 heads of income and compute the
exemptions as the per applicable finance act.
Finally, I allowed the deductions under chapter
VIA and computed the tax thereon as per the
applicable rates.

So, this was my area of work during the period of my internship. It


would not have been successfully completed without the support of my
guide(Professor Subir Srimani) and my employer(Mr. Sanjay Jain). Here
St. Xavier’s college deserves a special mention as it is by virtue of the
curriculum of the said college that the students get a practical
exposure. I am highly obliged to have received the required support
from the above mentioned people and I am grateful to them to have
helped me in applying my theoretical knowledge in a practical scenario
which has helped me in gaining a better grip over the subjects.

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


knowledge.

Thanking You,
Yours Faithfully,

Saurav Kumar Agrawal


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

You might also like