SHRI VAISHNAV VIDYAPEETH

VISHWAVIDYALAYA
SHRI VAISHNAV SCHOOL OF
MANAGEMENT

Session – 2024-25

Summer Internship Report

Programme – MBA

Submitted By – Harshita Parwal

Enrolment No. – 2303MBAFIN15942

Under the Guidance of –

CA Mahesh Jajoo Dr Sudip Banerjee

ABMS & Associates Class Co-ordinator

ACKNOWLEDGEMENT

This report has been prepared for the internship that has been done in the firm
ABMS & Associates to study the practical aspect of the course and
implementation of the theory in the field with the purpose of fulfilling the
requirements of the course of MBA.

It is a matter of pride and privilege for me to have done a summer internship

project in “ABMS & Associates” and I am sincerely thankful to them for
providing this opportunity to me.

I am thankful to “CA Mahesh Jajoo” for guiding me through this project and
continuously encouraging me. It would not have been possible to complete this
project without his support.

I am also thankful to all the faculty members of Shri Vaishnav School of

Management, Indore and particularly my class coordinator “Dr Sudip Banerjee”
for helping me during the report.

I am Thankful to our director ma’am “Dr Mala Srivastava” for this opportunity.
Finally, I am grateful to my family and friends for their unending support.
 Harshita Parwal

DECLARATION

I, Harshita Parwal, MBA (finance) student of Shri Vaishnav School of

Management, do hereby declare that the internship report entitled, “SUMMER
INTERNSHIP PROGRAM AT ABMS & ASSOCIATES” is submitted to the
Department of Management, SVVV University in partial fulfilment of the
requirements for the award of the degree of Master of Business Administration.
This report is an original work compiled and carried out by me under the
supervision and guidance of Dr Sudip Banerjee, SVSM. This work has not
formed the basis for the award of any degree/associates/fellowship or other
similar title to any candidate of any University.

Name – Harshita Parwal

Date – 4th October, 2024

Signature –
 Executive Summary

This report presents an overview of my 30-day internship at ABMA &

Associates, a Chartered Accountancy firm in Indore, Madhya Pradesh.
My internship focused primarily on posting the vouchers on Tally
ERP 9 and assisting my senior accountants. Throughout this period, I
gained practical experience in the field of accounting, communication
skills in the corporate world while interacting with the clients,
customer relationship management in the context of their satisfaction.
 INDEX (Table of Content)

Sr. No. Particulars Page No.

1. Introduction 7

2. Overview of the Organization 8

3. Roles & Responsibilities 10

4. Learning Experience 11

5. Analysis 16

6. Recommendation 19

7. Conclusion 22

8. Bibliography 24
 1. INTRODUCTION

I choose to work with ABMS & ASSOCIATES for my summer internship

program. During this internship I have learnt many new skills and got an
opportunity to explore corporate world. Before I only had theoretical knowledge
about work in organization but now, I have gained some practical working
experience. Now I have knowledge about the organization’s working
environment and how organization’s work. This internship has also provided me
with the better 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 learn more than the theoretical knowledge.
 To learn book keeping practices of different companies
 To compare practical aspects with theoretical aspects
 To enhance my personal knowledge and professional preparation for
future. Develop a solid work ethics and professional manner as well as
commitment to ethical conduct and social responsibility.
 Develop organizational skills to complete the project in a timely manner.
 2. ABMS & Associates, Chartered Accountants

ABMS & ASSOCIATES is a chartered accountancy firm rendering

comprehensive professional services like audit, accounting services,
management consultancy, tax consultancy and more. It is a firm consisting of
chartered accountant and other financial experts. The firms aim in providing
sound financial services to their clients and assisting them in their business
operations and growth.

Services offered:

 Company registration - is the primary process by which business

owners establish or incorporate their company. The process enables us to
set a mark of reputation among its customers and the stakeholders.

 GST registration - Registration of any business entity under the GST

Law implies obtaining a unique number from the concerned tax
authorities for the purpose of collecting tax on behalf of the government
and to avail Input tax credit for the taxes on his inward supplies.

 GST returns - GST return is a document that will contain all the details
of company sales, purchases, along with taxes. Once we file GST returns,
we need to pay the resulting tax liability.
 TDS returns - Income tax requires TDS deduction file the TDS returns
on periodic basis by mentioning TAN no.

 Income tax (salaried and business) - CA helps the employees for better
tax planning and reduce the TDS. It is a requirement for business and
companies for filing income tax returns. So, CA helps in reducing non-
compliance of income tax laws.

 Tally accounting - tally is most used accounting software, and with the
help of that CA handles the accounting of different businesses.

 Audit - 'An audit is independent examination of financial information of

any entity, whether profit oriented or not, and irrespective of its size or
legal form, when such examination is conducted with a view to
expressing an opinion thereon’.

 Filing of return - The main task with the Chartered Accountant is the
filing of return. Chartered Accountant is a professional who is authorized
by The Institute of Chartered Accountants of India and is an authorized
person who can file the returns on the behalf of his clients. There are
different types of returns which are filed by the persons. Some returns
filed are for the business and some are for the individual. All the persons
having the taxable income of more than Rs. 300000 are bound to file a
return under Income Tax Act.
 3. Roles & Responsibilities

• Post & Process Journal Entries

• Cooperate with team & staff members

• Assist senior accountants

• Update Account Receivables, payable, invoices & bills of clients.

• Assist in filing of GSTR 1 & 2b.

3.1.Software used during internship:

 Tally software
 Ms office

3.2.Duration & Guidance:

I worked as an intern in ABMS & Associates for the duration of 1 month from
1st July,2024 to 31st July,2024 under the guidance of CA Mahesh Jajoo sir.
 4. Learning Experience

Different task that I performed during my internship:

• Preparing books of accounts in tally

• Voucher entry
• Preparing data in excel sheet
• Theoretical learning of different type of taxation and GST
• Maintenance of account/ book keeping

What I have learned:

1. Analytical Skills: Filing the returns, involves

 Making calculations on and off the sheets.
 This is mainly about the calculation skills and gaining the insights from
the result.
While preparing the income sheet one has to consider various type or
source of income. All this has to be taken into account and the investment
avenues has to be considered for the deductions.

Learning: Analytical skill is important in accounting. One doesn’t have to

be expert but the basic and intermediate level would be of much helpful to
understand the tax slab rates and deductions.

2. Attention to detail: All the accounts of the client should first be

evaluated manually to find any discrepancy in the value or the entry of
the journals. While preparing the income sheet it is noted that different
 income was quoted to the government website as that of the salary
account. The incentives were missed or the records were not shown to the
filing document.

Learning: There are many real-life factors which deviates from the actual
practices performed. The entries were of not authenticate or some entries
were made to adjust to tally the value. It is important to understand the
assumptions behind the correction or the motive.

3. Working under pressure: There are few occasions where there wasn’t
sufficient resources and strict deadline, we have to adhere or the client
has to pay the fine for the delay. Many clients do not keep track of the last
date for the filing. As a result, most of the files comes only at the last
moment. So, it is important to work under a deadline which has immense
pressure.

Learning: Sometimes working under pressure brings the best out of

people as it keeps on pushing to give them their best.

4. Networking: During my internship, the organization working

environment was very favourable, where communicating and asking for
clarification was easy.
Learning: I learned how to communicate and build relationships with the
people I worked with. I learned how to introduce myself, talk about my
interests, knowledge and skills with entrepreneurs and business owners,
as well as how to ask questions and gain a better understanding of
businesses not only in the co-working space, but also others in the
market. This process overall helped me develop my professional network
and emphasized the importance of creating these connections.
5. Tally entries: Tally is an ERP accounting software package used for
recording day to day business data. It helps in maintaining financial
records of the company that includes all receipts and payments along with
taxes and deductions. At first, we were briefed regarding how to use tally
and enter the data on it for few days. Later they provided us with raw data
and punch data in tally.
Learning: Since tally is one of important software in business world.
And getting the opportunity to learn regarding that would help me boost
my career in future.
• Firstly, we carefully review all records of vouchers and arrange into
different heads like purchase, sales and so on
• Then we create a company in Tally software by that company name and
started entering data.
• After completing entries posting, then we rechecked the data by Balance
sheet, Trial balance and Day book.
• In case of difficulties during the task, we immediately contacted our
mentors in the firm.

6. Data entries in excel sheet: I punched data of customers like their bank
transactions, sales, purchases and so on in excel sheet. Through this, I
learned regarding segmentation of data into different heads. It also helped
me knowing many technical aspects of MS excel and also improved
typing speed with more precision.

7. Keeping a journal: During my internship, I had a journal and took notes

every day about new things I learned. feedback I was given by CA,
strength and weakness I noticed, and things I wanted to research and
 learn more about. Keeping journals helped me understand myself more
and identify the areas that I needed to improve in.

8. Communication skills: Communication is the key to success in a

professional environment. I learned that it’s important to communicate
with CA or other employee via phone or email or SMS if I have questions
or if I don’t know how to work on a task. Asking for help and
clarification is better than pretending to be understood. As an intern, good
communication will help with productivity, efficiency, engagement and
growth.

9. Practical Application of Accounting Principles, Insight into

Accounting Profession – While posting tally entries and maintaining the
vouchers, I got to know about the practical applications of the golden
accounting rules and accounting principles. Thus, I got to have a look into
the accounting profession.

10. Insight into Income Tax & GST – As it was the month of filing returns
of income tax and GST returns, I did not get to know much about
practical applications of taxation system, but I got to know about the
basics of taxation.
Weekly – Overview:

Week 1: First week was basically knowing about organizational culture and
adapting to it and revolves around sorting the various vouchers of clients into
different heads such as purchase, sales, income, payment, etc. and then posting
them into the Tally.

Week 2: The second week includes gaining theoretical knowledge regarding

income tax rules and regulations.

Week 3: This week involved learning about GST rules, regulations and regime
while working on the above tasks simultaneously.

Week 4: The rest of days involved applying the learned concepts and attending
different clients. And discussing with CA regarding internship reports and the
contents that need to be included. Also asking for suggestion and getting help
for clarifying the doubts.
 5. ANALYSIS

SWOT ANALYSIS Of ABMS & Associates

Strength:

 Prime location of office

 In hand experience

 Flexible working environment

 Personal interaction

Weakness:

 Lack of technological support or system as per the requirements

 Less clients
 Firm is technologically backward
 Not taking regular or Monthly backup of data

Opportunities:

 Good network

 Satisfied customer referring others

 Long term relation with clients

Threats:

 Intense rivalry

 Online service provider

 Economic condition
Limitations of the Internship:

 Internship time period was very short i.e. 30 days.

 In 30 days, it’s not possible to even gain a bird eye view of such vast
concepts like Income tax, GST, Audit & all the aspects of different types
of accounting.
 Scheduled time span was not sufficient to cover all information.
 As this internship was my first internship, I was unaware of the
practicality of tally and taxation procedures.
 Each of the organization has their own secrecy that is not revealed to
others. During collecting the data for this report & my learning
experiences also, they did not disclose much information that is asked by
my side for confidentiality of the organization.
 As July is known as the month of taxation and is considered as one of the
important months for Chartered Accountancy firms all across the India, I
was only able to learn about basics and that too in brief about the taxation
norms & procedures because of the hectic schedule and business of
everyone in the firm.
 RECOMMENDATION AND CONCLUSION

Suggestion

Internship at ABMS & ASSOCIATES was my first practical experience and I’m
a fresher so I’m not in a position to give any suggestions to the firm.

Self – Evaluation

During working in the Chartered Accountant firm, I earned the experience of

practical applicability of accounting and its combination with law. Through the
study of books of different organizations, I learned about how different concepts
are applicable in practical world and how various transactions are made by
different types of organizations.

After the introduction of GST, the work with Chartered Accountants has
increased. Earlier, a taxpayer had to file a single return at the end of the quarter
but after GST some of the taxpayers have to pay monthly 3 returns and some a
single return at the end of quarter. The workload on taxpayers has increased due
to introduction of GST so, each taxpayer avails the services of CA to manage
his filing of returns.

While filing of returns under GST, I found that the transactions which are
recorded are of great importance. A single error while recording of entry on part
of one party will lead to wrong filing of return. The error occurs when the time
period is less and there is no time to re-verify the recorded transactions. For this
purpose, there is a great need to make available the information well in advance.
This is the main problem on which the firm should look upon.
During this internship, I came across various pros and cons within the
organization. The internship had helped me gain numerous knowledge regarding
the functioning of the organization its strengths and weakness. This will help me
in near future by inculcating all those learning’s when I become a professional.

PROS According to study, while interning, I found numerous good things in

ABMS & ASSOCIATES:

1. Security:

Despite being a small firm consisting of around eight members (including CA),
the firm had excelled in its security. They even have backups in case there is no
electricity so that it won’t affect their productivity.

2. Well organized:

Secondly, every employee hast been well instructed regarding rules and
regulation of the firm. Each and every one has to abide by these norms.

3. Healthy environment:

The firm has strict rules and regulation in the matter of healthy surroundings. In
the company premises, one can see dustbins, clean toilets and clean drinking
water facility and proper sanitization of office equipment’s.
 4. Opportunity:

The employees in ABMS & ASSOCIATES are very humble and helpful in
nature. In office, we can see that each one is helping other for the growth and
development. Even CA comes forth to provide assistance in case of difficulties.
They also provide internship programs in their company

CONS:

1. Task Assignment:

There is absence of daily task assignment in ABMS & ASSOCIATES. Every

employee follows the same routine. They do not have a certain target for a day.
So, because of the absence of task assignment there may be a monotonous in
work routine which can demotivate employee.

2. Failure to retain employees:

In ABMS & ASSOCIATES, they are failing to retain their employees. As most
of the employees resign because of better salary packages in other firms.

While self- evaluating myself during the internship period, I discovered some
points about myself such as:

• During the internship, I learned about the application of theoretical

concept into practical
• I am flexible to adopt to any place
• I am a quick learner.
• I’m a good listener and can interact with clients patiently.
• I need to push myself more for improvement in my work.
 Conclusion

Internship at KRSK & ASSOCIATES was my first experience. I learnt lot of

new things. After working on this internship, I feel it is my immense pleasure to
say that it has been beneficial to me as it gave a lot of knowledge about the
Accounting, Tally & Taxation.

The summer internship program with ABMS &ASSOCIATES was a good

learning experience and was my first step in the corporate world. Here, I got to
know about the hard work to be done by the people in the accounting field and
how to communicate with clients, how to maintain good relationship with
clients. I got to know about audit, taxation, tally accounting.

ABMS & ASSOCIATES is overall one of the profit-making and reputed firm.
The organization since its very first day is devoted to providing quality services.
The detailed and thorough review of work and clients’ trust shows the
perfection with which it is working.

The internship report is prepared to explain the different tasks performed during
the time such as maintaining records of clients, data entry in tally, Income tax,
GST filings and returns. Though all these jobs are challenging and need more
focus and concentration to perform. And activities like vouching and tally are
very useful and will add more value towards the person’s performance and
resume in future. Yet, all this required more practice, which cannot be
accomplished in a short time period.

Internship is a bridge between theoretical knowledge and practical knowledge.

In review, this internship has been an excellent and rewarding experience. I
have been able to meet and network with so many people that I am sure will be
able to help me with opportunities in the future. As an internee of ABMS &
ASSOCIATES, I have truly enjoyed my internship.
Bibliography:

www.wikipedia

www.investopedia.co

www.google.com

1.The personal information to be collected while internship.

2. The talk to the principal of the firm.

3.Chartered Accountants, Work Paper and other related documents