A Report on

Internship undertaken at

Kuthalingam and associates

Submitted in partial fulfillment of the requirement

for the award of degree of

BACHELOR OF COMMERCE (ACCOUNTING & FINANCE)

By

Vaishali C -2213721034147

Under the guidance of

Ms. Ashwini V, M. Com-IB

Department of Commerce

M.O.P. VAISHNAV COLLEGE FOR

WOMEN (Autonomous)

Chennai – 600034
 2024-2025

ACKNOWLEDGEMENT

The satiation and euphoria that accompany the successful completion of the project would be incomplete
without the mention of the people who made it possible.
I owe my wholehearted thanks to the Dr Archana Prasad, M. Com, M.B.A., Ph.D., Principal and Dr
Sumangala Devi KC, M. Com, M.B.A, M.Phil., Ph.D., Associate Professor in Commerce and Vice
Principal, for giving me the opportunity to learn and gain practical knowledge through undergoing
internship training.
I would like to take the opportunity to thank and express my deep sense of gratitude to Dr M Hemalatha
M. Com, M.B.A., M. Phil, Ph.D., Head of the Programme and Faculty Advisor Ms. Ashwini V, M.
Com-IB, NET for their valuable guidance, their advice, constructive suggestions, and continuous
encouragement, without which it would have not been possible to complete the report.
I would like express my deep appreciation to everyone for offering their timely assistance whenever
required to complete the report successfully.
I hope that I can make a valuable contribution to this industry in the future with the knowledge, skills and
experience I have gained during this internship.

VAISHALI C
(2213721034147)
 DECLARATION

I humbly declare that this report on internship undertaken at Kuthalingam and Associates submitted in
partial fulfillment of the requirement for the award of degree Bachelor of Commerce (Accounting &
Finance) is an independent and original work, carried out by me, Vaishali C (Register Number
– 2113721034150), to the best of my knowledge and belief, under the guidance of Ms. Ashwini V, M.
Com-IB, NET. No part of the report has been submitted previously to any institution for the fulfillment
of requirement of any course of study. This report has not been prepared for any other purpose like
reproduction, investigation, or publication.

Ms. Ashwini V
Faculty Advisor
Assistant Professor
B. Com(A&F) Shift-II

Dr Hemalatha M
Head of Department
Assistant Professor
B. Com(A&F) Shift-II
Submitted to M.O.P. Vaishnav College for women
on
CERTIFICATE OF COMPLETION
 TABLE OF CONTENTS

CHAPTER NO TITLE PAGE NO

1 INTRODUCTION

2 COMPANY PROFILE

3 JOB PROFILE

4 WORK EXPERIENCE

5 CONCLUSION

6 ANNEXURES

7 BIBLIOGRAPHY
 ANNEXURES

S.NO PARTICULARS PAGE NO.

CHAPTER 1

INTRODUCTION
 INTRODUCTION

The following report is the description of the four-week internship carried out as a mandatory
component for partial fulfillment of the requirement for the award of degree Bachelor of Commerce
(Accounting & Finance).
The report briefly explains the work experience in the accounting field for a period of one month under
KUTHALINGAM AND ASSOCIATES.
An internship is a professional learning experience that offers meaningful, practical work related to a
student’s field of study or career interest. An internship gives a student the opportunity for career
exploration and development, and to learn new skills.
Having chosen KUTHALINGAM AND ASSOCIATES as the internship organization has resulted in the
acquisition of new skills. The internship served as a crucial springboard in getting practical professional
experience. The internship has made the organization’s working environment and the details of how
organizations work and achieve their goals and objectives clearer.
The main aim of doing an internship under CA firm is to interact with professional bodies and gain some
practical knowledge about the different organizations. The objective of this report is to share the
experiences undergone during this internship period.
In addition to being exposed to an office atmosphere, there was an opportunity to learn and gain first-
hand experience in a real accounting department in the firm. There was an understanding on how an
audit firm works, with the taste of practical work rather than theory, which enhances the quality and
working conditions which acclimates.
Professionalism is a key to success in today's competitive world, where survival of only the fittest is
possible. As a 2nd year B.com student based on theoretical as well as practical approaches, the internship
was a great experience in the real time business environment. This internship program has instilled
confidence. The four-weeks internship training in KUTHALINGAM AND ASSOCIATES has proved an
indispensable part. The internship has spanned over many departments and training in all departments
has led to valuable addition in the practical knowledge about different firms.
Prior to beginning the internship, created the following learning objectives that hoped to accomplish:

 To improve communication skills

 To analyze the business situation
 To establish high standard in professionalism
 To build a network
 To learn to apply the theoretical knowledge in actual organization
 To make quick decision in real situation
 To learn how to promote and to conduct research in business area
 To compare practical aspects with theoretical aspects
 To enhance my personal knowledge and professional preparation for future
 To plan for the future of one self and learn how to adjust in an organization
 To get knowledge of opportunities and threats while entering into an organization
 To know about organization behavior, ethical rules and regulations
 Enhance and expand knowledge of particular areas of accounting
 Expand networks of professional’s relationship and contacts
 Develop a solid work ethic and professional demeanor as well as commitment to ethical conduct and
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

An overview of KUTHALINGAM AND ASSOCIATES, a chartered accounting firm with numerous

connections to individuals and businesses in a variety of industries, including media, manufacturing,
studios, and so on, is provided in Chapter 2. A number of my stated objectives were achieved thanks to
the actions detailed in Chapter 3 of my internship report. The upcoming chapter will cover my
perspective on how I conducted myself, the unanticipated incidents, and the learning goals I met during
the internship. In my report, I draw conclusions regarding my internship experience based on my
learning goals. Together with this report, I've supplied a bibliography that contains a list of all the
sources I used.

A detailed examination of the company and a brief synopsis of the sector are presented in the pages that
follow. My chance to join an auditing firm was presented to me. As a result, this company's management
and control of its diverse operations are summarized.
CHAPTER 2

COMPANY
PROFILE
 Kuthalingam and Associates

Kuthalingam and Associates, established in 1984, is a mid-sized Chartered Accountant firm based in
Hosur & Bangalore, India. They offer a comprehensive suite of financial services to businesses,
including audit & assurance, taxation, company setup & compliance, back-office management,
management consultancy, and more. With over 40 years of experience, Kuthalingam and Associates
caters to a diverse clientele, both domestic and international, leveraging a team of qualified professionals
and technology for efficient service delivery.

Founded in 1984, Kuthalingam and Associates has grown to be a respected name in Hosur & Bangalore's
financial landscape. The firm prides itself on its commitment to providing high-quality, personalized
service to clients. Their vision is to be a leading provider of financial solutions, empowering businesses
to achieve their goals. Their core values include integrity, professionalism, and client focus. This multi-
location presence allows them to serve a wider client base and cater to the specific needs of businesses in
different regions.

VISION:
Kuthalingam and Associates aspires to be a leading Chartered Accountancy firm, recognized for
our exceptional service, innovative solutions, and unwavering commitment to client success. We
envision fostering a team of highly qualified and dedicated Chartered Accountants who are passionate
about exceeding client expectations and staying at the forefront of the ever-evolving financial landscape.
Ultimately, we strive to be synonymous with trust, reliability, and excellence within the CA
industry. Firm continuously strives to be the Premier Accounting and Consultancy firm that provides
excellent service to their clients and an excellent quality of life for their associates.
 MISSION:
Kuthalingam and Associates mission is to provide clients with comprehensive and high-quality
Chartered Accountancy services, encompassing auditing, taxation, and financial advisory. They are
committed to upholding the highest standards of professionalism, integrity, and ethical conduct in all our
endeavor’s. The goal is to empower them clients with accurate financial information and insightful
advice, enabling them to make informed business decisions and achieve their financial goals.

Verticals:
Kuthalingam and Associates verticals include Internal Audit, Statutory Audit, Concurrent Audit, Stock
audit, Taxation, Government Audit and Strategic Advisory Services to clients in its areas of
manufacturing businesses, Consumer Products / Services, Knowledge based sectors and Banks.
Services Offered

Audit & Assurance

o Statutory audits under the Companies Act (including procedures for annual financial statements, related
party transactions, and going concern assessment).
o Tax audits under the Income Tax Act (covering specific areas like verification of income and deductions,
transfer pricing compliance).
o Internal audits (with expertise in areas like operational efficiency, fraud detection, and risk management).
o Understanding the client's business, underlying risks, and the legislation and regulations governing the
business; Understanding the client's organizational, procedural and information systems control as well
as their operating structure
o Ensuring that superior expertise and resources are available to satisfactorily carry out the audit
o Adhering to the firm's quality control standards

Taxation

o Direct tax consultation (including services like tax planning, advance tax calculations, and
representation before tax authorities).
o Indirect tax consultation (offering expertise in GST compliance, filing returns, and navigating tax
exemptions).
o International taxation services (if applicable, mention specific services like foreign tax credit utilization
and cross-border transaction planning).
o Tax advice and planning are of universal business importance, ensuring that the tax burden is no higher
than it should be. The growing complexity of tax regimes and constant changes to tax laws, however
make it almost impossible for any individual to keep pace with the evolving world of international
taxation.
o Tax division recognizing that taxation constitutes a major business cost, is able to provide advisory,
agency and tax compliance services in areas of income and corporation tax, value added tax, custom and
excise tax and other direct and indirect taxes. Our tax team has a reputation for creative solutions tailored
individually to meet the client needs.

Company Incorporation & Compliance

o Company registration process (guiding clients through choosing the right company structure, preparing
registration documents, and liaising with authorities).
o Ongoing compliance requirements (ensuring adherence to statutory filings, board meetings, and other
regulations based on company type).
o Secretarial services (providing assistance with board meeting minutes, maintaining statutory registers,
and filing necessary documents).
o They ensure you maintain mandatory registers like the Register of Members and Register of Directors as
per the Companies Act.
o They ensure your desired company name adheres to regulations and conduct availability checks to avoid
delays.
o They handle the payment of government registration fees associated with incorporation.

Back Office Management

o Bookkeeping services (utilizing cloud-based accounting software like Xero or Tally for efficient data
management).
o Payroll processing and management (ensuring timely and accurate salary payments and statutory
deductions).
o Other back-office tasks handled by the firm (e.g., accounts payable/receivable management, bank
reconciliation).

Management Consultancy
o Areas of expertise in business strategy consulting (including market research, competitor analysis, and
business plan development).
o Financial planning and analysis services (offering assistance with budgeting, forecasting, and financial
modeling).
o Additional consulting services (e.g., risk management, feasibility studies).
o Formulating a business plan using a bottom-up participative approach; detailing the organization's
mission, objectives & goals, and strategies for achieving them; Setting out both financial and non-
financial parameters in which the business will operate.
o Preparation of costs, revenue and cashflow projections, financial and variance analysis, product costing,
inventory controls, design of purchasing systems, and formulation of growth strategies. The aim is to re-
engineer the data structures and processes that generate management information, focusing on cost
reduction and identification of non-performing units
o Review of the company's operational policies and procedures, advising on industry best practices and
documentation, and facilitating implementation by providing appropriate client training.

Financial & Risk Advisory

o Careful and innovative financial thinking is the strength of any organization's business strategy. As a
sparring partner, we provide a broad range of advice to our clients.
o Preparing project feasibility studies to ensure that new project expansions being undertaken are feasible,
viable and sustainable over the long run. This involves identifying what a certain course of action,
whether financial or strategic, will cost in real terms, and how it will impact the project.
o Valuing business and their individual components. The type of valuation depends on the nature of the
exercise such as acquisition, restructuring, shareholder buyout, tax appeal or litigation.
o Involves an independent verification on a merger or takeover of the financial, legal and functional
aspects of a business to provide assurance to the merging party or the party taking over on the current
state of the business.
o Quantification of losses due to fraud, corporate irregularities, insurance claims and litigation. Advising
on how to minimize disruption and cost of disputes. Settling of disputes outside the court process.
 Other Services
o Corporate law advisory (with a focus on areas like contract drafting, shareholder agreements, and
company restructuring).
o FEMA compliance assistance (guiding clients on foreign exchange regulations and repatriation of funds).
o Mergers and acquisitions advisory (providing expertise in deal structuring, due diligence, and valuation).
Industry Expertise
has experience serving a wide range of industries, including:
 Information Technology (IT) & Software Development
 Manufacturing & Engineering
 Retail & E-commerce
 Healthcare & Pharmaceuticals
 Education & Training
 Hospitality & Tourism (if applicable, based on information available)

Clientele
caters to a diverse clientele, including:
 Small and Medium Enterprises (SMEs)
 Startups and Entrepreneurs
 Established Businesses and Corporations
 Foreign Companies operating in India
 Individuals

Partner Details
Kuthalingam and Associates boasts a team of experienced professionals with strong qualifications:

CA. Kuthalingam K T
He is in the practice for the past 37 years beginning by setting up own practice and building it up. Thus, he has
deep knowledge of departmental working at lower level up to the appellate level. He has varied experience in all
areas of Audit, Investigation, Due Diligence, Taxation (Direct and Indirect), Company Law Matters for both
domestic and foreign companies, Management Consultancy, Information System Audit and FEMA.
CA. Deepa N
More than 15 years of diverse industries experience in all areas of Audit, Investigation, Due Diligence, Taxation
(Direct and Indirect), Company Law Matters for both domestic and foreign companies, Management Consultancy,
Information System Audit and FEMA. Well geared to take up any professional assignments in the above areas. It
has association with firms of Chartered Accountants, Management Consultants, Company Secretaries and I T
Professionals etc.

CA. Mahalingam B
Mahalingam has an experience of more than 45 years in the field of Direct Tax & Indirect Tax, Tax
Planning & assurance. He is having expertise in Direct & Indirect Tax. She has been actively involved in
preparation of Financial Statements including Notes to Accounts, Annual Reports, and Individual Tax
Audit & Consolidated Financial Statements. He has been involved in leading the teams at various
locations for performing the statutory audits, Tax audits and various certifications required by companies
from statutory auditors like under RBI circular 32.

Focus on Client Satisfaction and Communication

The firm aspires to render sound professional services importance to client’s satisfaction in terms of
timely and effective delivery of services. The firm recognizes that open and ongoing communications
with the client is imperative for ensuring timely response to the client’s requirements and execution to be
foremost. The firm, by utilizing the experience and expertise of the partners, has devised a risk-based
audit approach to ensure that the audits, besides ensuring compliance, help in identification of critical
areas where business related controls require improvements thus enabling the management to take
actions to strengthen the controls. A gap between the clients’ expectation and perception of the client’s
requirements is highly undesirable. Thus, emphasis is on defining clients’ requirements, feedback and
using this communication process to enhance services rendered.
CHAPTER 3

JOB PROFILE
JOB PROFILE

Intern have tried the best to enhance the abilities and apply the knowledge that the intern gained during
the studies. Intern was assigned as a trainee in the firm. One of the finance department's most significant
duties is to reconcile the administration and general audits of the companies from diverse areas because
the organization only focuses on accounting.

Objective:
Assisting senior accountants with the preparation of monthly, quarterly, and yearly closings
Creating and reporting weekly and monthly financial statements Updating financial data in databases to
maintain its accuracy Assisting in evaluating payroll records and expenses, among other things as
assigned. Assisting with processing income and balance sheets in accordance with corporate rules.
reconciliations, revising accounts payable and receivable, and issuing invoices. Processing financial
entries to ensure the appropriate recording of all corporate transactions. Monthly financial statements
comprise profit and loss, cash flow, and balance sheets.

Methodology:
I help with general ledger updates and account management as a junior accountant on the
payroll team. That being said, their usual responsibility is to talk to vendors about billing concerns. They
address any queries and offer basic customer service in their correspondence with vendors. A junior
accountant helps with the review, preparation, and filing of reports that verify the company's compliance,
as accounting departments are required to follow provincial and federal standards. They are in charge of
keeping the records of the company's fixed assets up to date and documented. I also help corporations
they are auditing with tax consultation, and I create comprehensive reports to record their findings. The
duties assigned to accountants at different levels vary. Initially, I was tasked with matching bank
statements for personal and commercial accounts.

Responsibility:
 General office tasks: filing, photocopying, answering phones, and greeting clients.
 Data entry: inputting financial data into accounting software.
 Assisting with bookkeeping tasks: accounts payable, accounts receivable, bank reconciliations.
 Preparing basic financial reports.
 Observing and assisting with audits and tax preparation.
 Learning about different accounting software programs.
 BANK STATEMENT FOR CUSTOMER IN EXCEL

I gained knowledge about a unique, thorough, and effective way to input individual bank statements into
Excel during this internship. This approach entails multiple bank transactions involving substantial sums
of money.

 Using an Excel template to keep track of an entity's daily financial transactions, such as purchases, sales,
payments, receipts, and costs, is known as bookkeeping.
 The reason it is less expensive is that accounting software doesn't need to be purchased because the excel
spreadsheet can be found on any computer or laptop.
 By sharing the Excel sheet in readable mode, it can be accessed by several people inside an office. on
this mode, only one person can edit the data on the Excel sheet; others can only view the data.
 When a lot of data is entered into Excel, the procedure becomes laborious.
Excel has useful features and capabilities that can be used to build a small business bookkeeping system.
PREPARATION OF RECEIPTS AND PAYMENTS

The cash book's actual cash receipts and payments for a specific time period are detailed in a receipts and
payments account. All money, whether from capital or revenue, received and paid during that time
period is included in this account.

The cash book for the given period is thoroughly summarized in the receipt and payment account. A cash
and bank opening balance are the first, and a cash and bank closure balance is the last. Current year
payables and receivables are not included in the adjustments. As long as it is received or paid within the
current period, it can be either capital or revenue, and it can be for the current, prior, or next year. The
default primary groups used by this account to display data are those that are set. Every entry into a
voucher, every cash or bank transaction is tracked.
UDIN-UNIQUE DOCUMENT IDENTIFICATION NUMBER(UDIN):

During my internship, I was exposed to the professional environment of a chartered accounting firm.
This included observing Chartered Accountants (CAs) upholding ethical practices. One such practice I
encountered was the use of Unique Document Identification Numbers (UDIN). UDIN, implemented by
the Institute of Chartered Accountants of India (ICAI), helps ensure the authenticity of documents signed
by CAs. This adds a layer of trust and security to the financial documents issued by the firm.

The Professional Development Committee of ICAI has implemented in a phased manner an innovative
concept of UDIN, i.e. Unique Document Identification Number. All certificates are being made
mandatory with effect from 1st February, 2019 as per the Council decision taken at its 379th Meeting
held on 17th – 18th December, 2018, in order to curb the malpractices. It has been observed that
financial documents/certificates attested by third person misrepresenting themselves as CA Members are
misleading the Authorities and Stakeholders. ICAI is also receiving numerous complaints of signatures
of CAs being forged by non CAs.
 OVERVIEW OF GST:

GST (GOODS AND SERVICES TAX) is the tax which is levied on the goods and services
which are sold domestically all over India. The tax is included in the final price of the products and
suppliers need to collect the tax and remit the same to the government. Usually, tax rates are the same
across the country. Whenever there is a sale of goods within the state then CGST (Central goods and
services tax) and SGST (STATE GOOD AND SERVICES TAX) shall be levied and Whenever there is a
sale between 2 states then IGST (Integrated Goods and services tax) will be levied.

HOW TO FILE GST:

General GST requirements

● GSTR-3B filing: Ensure that GSTR-3B returns are filed regularly. If GSTR-3B is not filed for the
previous two return periods, then GSTN will block the filing of GSTR-1 as well.
● Tax calculation: To comply with GST rules and file accurate returns, ensure that the tax values of sales
transactions are equal to or greater than the computed values.
● HSN Summary: As per Rule 59(6) and Advisory on HSN & GSTR-1 filing shared by GSTN, it is
mandatory to provide complete details of the HSN Summary for filing returns.
Once you have verified your GSTR-1, you can easily share these details with the tax department. You
only have to export the details in the required format and upload it on the portal. All your GST data from
Tally Prime will appear seamlessly on the portal.
● In the GSTR-1 report, press Alt+E (Export) > GST Returns. The Export GSTR-1 screen will open, where
you can select the required period and company or tax registration.
● Explore and set the required options in Ctrl+B (Basis of Values). For example, based on your business
needs, you can choose to either include or exclude the HSN Summary and Document Summary in your
exported GSTR-1 data.
● Explore and set the required options in F12 (Configure).
● Select the transactions and/or summaries that you want to export to the portal for filing, and press X
(Export).
The Export screen will appear as shown below:

● Select the File Format, and configure the options for section-wise export and Folder Path, as needed.
● Press E (Send) to export.
OVERVIEW OF INCOME TAX:
It is a Direct tax which is levied on Individual or entity in respect of their income or
profits earned by them. This is generally calculated by multiplying Tax rates with that of taxable income.
This Income will be used for public services, To settle public obligations, etc..

Section 194 C:
If any service has been received from a outsider and money payable to them Exceed 30,000
in a single payment or Exceed Rs. 1,00,000 has a whole in a financial year then TDS has to be deducted
for the entries amount at the rate of 1% for individual and 2% for any Person other than Individual.

Section 197:
Any person Whose income does not exceed the Taxable Income Limit but whose
income would be liable for a tax deduction at source Then they can avail the benefit of Nil or lower tax
rate deduction of TDS or exemption of TDS. This can be availed by filling Form No.13 to the
jurisdictional assessing officer. The Assessing officer will consider the total income and tax liability and
accordingly grant certificate for lower or Nil rate for deduction of TDS
 3 step process used in every companies

1. Purchase order :

A purchase order, or PO, is a legal document a buyer sends to a

supplier or vendor to authorize a purchase. Purchase orders outline
what the buyer would like to purchase and how much of it they would
like to receive. These agreements help both the buyer and seller
document transactions.

2.GRN - Goods receipt note :

Goods receipt note is a document that

acknowledges the delivery of goods to a
customer by a supplier. A GRN consists of a
record of goods that the buyer has received.
This record helps the customer compare the
goods delivered against the goods ordered.
When the buyer receives the goods, the store’s
department will inspect them against the
purchase order and examine their physical condition.
3.Invoice :

An invoice is a time-stamped commercial document that itemizes

and records a transaction between a buyer and a seller. If goods or
services were purchased on credit, the invoice usually specifies the
terms of the deal and provides information on the available payment
methods.
TDS:
The concept of TDS was introduced with an aim to collect tax from the very source of
income.It is the Portion of Money that has to be deducted by the payer while making some
specified Payment( like salary, rent, commission, etc)to other persons, and shall remit that
portion of money to the central government. The other party can take that amount as Credit.. The
deductee from whose income tax has been deducted at source would be entitled to get credit of
the amount so deducted on the basis of Form 26AS for TDS certificate issued by the deductor.

During my initial days , Intern was asked to check day book entries with the help of the vouchers
which helped me to understand how scrutiny will be done .

VOUCHERS:

A voucher is a form that includes all of the supporting documents showing the money owed
and any payments to a supplier or vendor for an outstanding payable.
I had an opportunity to analyze accounts of two different sectors one is textile and another is
forging .After understanding the entries ,I was able to understand the production process of
both the sectors which is completely different .

PRODUCTION PROCESS OF TEXTILE INDUSTRY :

1) MBO- Mixing bale opener

2) Unimix
3) Flexi clean
4) Carding
5) Drawing
6) Simplex
7) Spinning
8) Auto coner
9) packing

MBO- Mixing bale opener

The mixing bale opener B 34 is usually positioned at

the start of the blowroom process. The B 34 is generally fed
manually via a feeding table. The raw material of various
bales is distributed across a length of three to nine meters.

Unimix

It is mainly used to store the material and remove micro

dust. It is also used to get long term blending. It is made up of
three parts:
1. Storage section
2. Intermediate section
Flexi clean

Controlled fibre feed for optimum opening and maximum

cleaning efficiency
• Adaptable for different types of opening rollers
• Ensures gentle opening and maximum cleaning efficiency
for wide range of fibres

Carding

Carding is a mechanical process that disentangles,

cleans and intermixes fibres to produce a continuous web
or sliver suitable for subsequent processing

Drawing

Draw frame machine of spinning is used to

transform the sliver coming from the carding into draw
nsliver in cotton spinning mill
 Simplex

Roving frame process normally comes after comber in the

combing process and draw frame in the carding process.
Roving frame is also called a simplex or speed frame. The
simplex process minimizes the silver weight to a suitable size
for spinning into yarn and inserting twist, which maintains the
integrity of the draft strands. It is impossible to feed the silver toe ring frame for yarn
production due to limitation in draft in ring frame.

Spinning

Cotton-spinning machinery is machines which process (or

spin) prepared cotton roving into workable yarn or thread.

Autoconer

To remove yarn faults. To improve the quality of yarn.

To wax the yarn during the winding process. To make a
bigger package from ring bobbin in order to get continuous
length of yarn on cones for weaving/Knitting processes.
PRODUCTION PROCESS OF FORGING:

Forging is a manufacturing process involving the shaping of a metal through

hammering, pressing, or rolling. These compressive forces are delivered with a hammer or die.
Forging is often categorized according to the temperature at which it is performed—cold, warm,
or hot forging.

They will check the raw material quality before doing

forging

Shearing machines are multipurpose devices used in the cutting

of alloys and other sheet metal.
There are four types of forging manufacturing processes that are commonly used to shape metal
parts. These processes include impression die forging (closed die), cold forging, open die
forging, and seamless rolled ring forging.

Impression Die Forging

Often referred to as closed die forging, the impression die forging process utilizes dies
that completely enclose the base material, making it easier to shape the material into its desired
shape. Compared to other forging processes, impression closed die forging requires greater
compressive forces to ensure the die cavities are filled and form the complete part.

Open Die Forging

Also referred to as smith forging, open die manufactured parts are shaped through direct
force. A hammer strikes and deforms the workpiece In open die forging , held in place by two
flat dies. This process is called open die forging since the dies do not enclose the workpiece.
Within this forging process, the dies act more like tools rather than enclosed molds.

Seamless Rolled Ring Forging

Typically performed by punching a hole in a thick, round piece of metal and then rolling
and squeezing the donut into a thin ring, seamless rolled ring forging processes are ideal for
producing ring diameters ranging from a few inches to 30 feet. Compared to other forging
processes, rolled ring forging utilizes curved dies instead of flat dies to form ring-shaped
components.
Here he explained that every auditor should know what the company is doing whether it is
manufacturing unit or service sector .

STOCK AUDIT:

A stock audit is a statutory process which every business institution needs to perform at
least once in a financial year. As far as the stock audit process is concerned, the process mainly
involves the counting of physical stock presenting the specified premises and verifying the same
with computed stock maintained by the company. The reason and purpose behind executing this
is to correct the discrepancies present in the book stock when compared to physical stock by
passing necessary adjustment entries.

Reasons why one should look forward for the stock audit :
➢ To update the opening stock details.
➢ To identify the discrepancy between book stocks also known as computed stock and
physical stock.
➢ To update the actual physical stock as book stock. To ensure proper
preservation and handling of stocks.

Methodology:

● The inventory count audit procedure is to take physical counts of inventory in

your warehouse and compare the numbers to what is shown in your system.
● Cutoff analysis means halting all operations during the physical inventory
count. There will be no receiving or shipment of products during this process to
avoid mistakes from uncontrolled variables.
● Analysis of finished goods cost is ideal for manufacturers and producers. When
inventory goes through the production process, it becomes a “finished good” to
be sold. Then, you can calculate the inventory value of the finished products to
make sure the financial statements are correct and better control inventory.
● Analysis of freight cost measures the shipping costs to transport products
from one location to another, and instances of items getting lost or damaged
during transit. It also accounts for losses and damage incurred during transit.
● Overheads are the business expenses that exclude the direct materials and labor
required for production, such as rent, electricity, or other “hidden” costs
associated with inventory. When analyzing overhead costs, you want to see
how they affect the overall inventory cost so that you can plan your budget
properly.
● When transmitting materials between different locations, you need to track the
lead time for the products to arrive. This audit analysis will ensure nothing is lost
or damaged during transportation. Inventory auditors will review the transfer
documentation to identify any problems.
● Direct labor is the cost of labor needed to manufacture a specific product. It can
be considered as the cost of working hours, shift differentials, and overtime
hours of employees.
● At the end of the process, you need to check the physical count matches your
company’s books. Inventory reconciliation is an essential part of cycle counting.
If you detect issues during your inventory count, investigate further to reconcile
products.
TALLY PRIME :

Tally provides the capability to generate various books and registers for any
specific period that is a month, date, and year and as on that date.
In Tally, once voucher entry is made, the transaction are automatic and 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
✓ Bank book
✓ Purchase register
✓ Sales register
✓ Journal
✓ Debit note
✓ Credit note
✓ General ledger

Tally Prime is a complete business management software for small and medium business. Tally
Prime helps you manage accounting, inventory, banking, taxation, banking, payroll and much
more to get rid of complexities, and in turn, focus on business growth.
Purchase entry

When a company buys goods on credit or cash, Purchase voucher is used to record
all the Purchase transactions of the company.
I would receive bundle of invoices of clients and I had to record them in tally and
check the transaction with GST reports and revert back to them for the missing data.
Methodology:
➢ Go to Gateway of Tally > Accounting Vouchers.
➢ Click on F9: Purchase on the Button Bar or press F9.
➢ Debit Purchase Account.
➢ Credit Party Account.

Sales Entry:

For recording sales of goods, you can select cash or bank for cash sales and party
ledger for credit sales. You can record sales of goods or items using the Item Invoice
mode. Tally Prime provides other modes such as Accounting Invoice mode and As
Voucher mode for recording sales of goods or services. You can use the other modes
of the voucher interchangeably for recording sales, based on the requirement.
Methodology:

1. Open the sales voucher screen

a) Gateway of Tally > Vouchers > F8 (Sales)
b) Ensure that the voucher mode is set to Item Invoice mode by pressing Ctrl+H (Change
Mode), or you can also confirm the same if you see Name of Item on the voucher screen.
c) If you want to enter the Reference No. and Date for the invoice, press F12 (Configure), and
set Provide Reference No. and Date to Yes.
If you do not see this option, set Show more configurations to Yes.
2. Specify the buyer details.
✓ Party A/c name: Select Cash or Bank for cash sales. For credit sales, select the party name.
✓ Party Details: If you need Dispatch, Order, or Buyer details to be part of your invoice,
provide the relevant details.

3. Select the accounting ledger to allocate the stock items.

a) For Item Invoice, select the Sales ledger.

4. Provide stock item details

a) For Item Invoice, select the stock item, enter the Quantity. The Rate will be auto-filled, if
available for the stock item. However, you may choose to enter the Rate or Amount.

5. Select additional ledgers, like transportation charges, insurance, or discount, if any.

6.Provide Narration, if needed, and accept the screen. As always, you can press Ctrl+A to

save Above mentioned are the basic two entries of all companies .
CHAPTER 4

WORK
EXPERIENCE
Work Experience

This shows the entire journey of the internship . Firstly, Intern have shared my key learnings,
i.e., the skills that intern have gained through this internship are as below. I had a great
experience of working in an accounting firm. Intern had the opportunity to do work related to my
studies and learned how to apply theoretical knowledge into practical work. And also Learning
new things in a new atmosphere helped me to see what it is like to work in a professional
environment.. In addition, Intern have included my overall evaluation of internship experience.
One of the biggest learning for me was that things do not occur as per the set theories every time.
A theory remains the same everywhere for a particular situation however, practical learning has a
lot of external factors affecting it. Practical learning is subject to the people you’re learning from
or working from or the surrounding you are working in. Intern was also able to develop my
communication and interaction skills. There are a lot of differences between college life and the
life of an employee. The first thing that is needed is socializing skills which can make us
successful. During the internship, Intern tried to know how the industry actually works. Intern
also learnt to adjust myself in the office environment. There is a certain way to interact with
people in the job. Another learning for me was how to handle every situation which occurs
suddenly ,for example, a textile company has got a notice from the sales tax office regarding
GST filing .Every month there will be amendments while filing those that were not properly
filed so they get a notice .
Learnings from Organization:

✓ Gained an early understanding and appreciation of the practical/real-life

situation challenges associated with application of the theoretical knowledge
✓ Developed expected professional self-awareness, internalization of career
job requirements and experience
✓ Developed and acquired critical skills needed to proactively observe
and analyze problems/challenges encountered while executing duties and
responsibilities at work
✓ Knowledge about practical aspects of functioning of an organization on the
domestic markets with a special emphasis on accounting management in public
administration, private sector, Governmental and non-governmental
organizations, self-employment and other.
✓ Knowledge about performing specific tasks and develop problem
identification and problem-solving skills in finance management and accounting.

KEY LEARNINGS:

➢ MS Excel Sheet
❖ Intern had to use a lot of MS Excel . It helped me gain a lot of knowledge
on shortcuts in MS Excel and presentation of data.

➢ Keen Attention to Details

❖ There was a need to pay close attention to details because there were numerous aspects
to take into account and a big number of new laws that were necessary.
❖ Professional self-awareness, internalization of career job requirements and experience
 ➢ Communication and Persuasion Skills :

This project has given the opportunity to talk to new people and meet the unknown
clients which helped in drenching the hesitation out and helped to improve the communication
skills. And more confident in talking to new people and am better able to put views on the
discussions.

➢ Problem Solving and Analytical Skills

Being involved in practical and a lot of people handling situations has helped to sharpen
the problem-solving skills. The internship has helped to develop the critical analysis skill as
well.

➢ Time management:

Time management is one of the most important skills you can have in the workplace.
Deadlines are important and while you might not meet all of them, they teach you
valuable professional lessons that you will carry with you throughout your career.
LEARNING GOALS ACHIEVED :

Learning objectives for this internship were discussed in the first chapter of this
report. If intern was successful in meeting them in this chapter, and if not, why.

➢ Had a better understanding of the organization roles ,its organizational structure

and how projects are carried out .
➢ Intern evaluated the strengths and limitations throughout the internship and
discovered the aspects of the finance industry.
➢ Although it is difficult to pinpoint the precise information and skills intern acquired in
college and applied in the internship, there are a few examples, such as knowing the law
of contracts and various conceptions of how to file GST and how to calculate TDS ,
which were undoubtedly helpful.
➢ Intern also learnt how handle a situation and find a solution to solve a problem’
➢ As intern worked in a CA firm , let go of preconceived conceptions that were entirely at
odds with the reality of working and made sure that my thinking was flexible.
FEW PRACTICES OBSERVED FROM THE ORGANIZATION:

❖ There is no racism on the basis of any caste ,creed , color or gender .Everyone is
treated as same thus making it easy to coordinate 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 employees are always energetic and ready to work , they dont waste their time .They
always strive for excellence with effectiveness and efficiency in their work .
CHAPTER 5

CONCLUSION

CONCLUSION
 Internship is seeing about our true self by exposing and expressing ourselves to the real
world without taking help of anyone.

➔ Intern was able to expand the understanding of finance and see how
the theory intern learned was used in practice .
➔ Intern found the internship useful for my academics relating the
concept learnt with the work done at the internship site.
➔ Intern was able to identify my own strengths and shortcomings via this
internship ,which enabled me to focus on the area in which I was
lacking and helped me to develop in the upcoming days .
➔ The overall experience was positive, and everything the intern learned
would be useful in the future career in this field.
➔ Intern was able to get a better understanding of how the audit firm

works and how effective it is.

➔ Intern enjoyed working with the professional team to devise and
implement different strategies in accounting .
➔ But, intern still have a long way to go in understanding the accounting
terms , and the intern need to build up my public speaking skills as well.
➔ At last this internship has given me new insights and motivation to pursue
a career.
➔ In a nutshell, this internship has been an excellent and rewarding
experience. Intern can conclude that there have been a lot learnt from my
work at GRNK & CO.
CHAPTER 6

ANNEXURES

ANNEXURES
This is the gst portal where you have to enter the username and password and it is direct to the
dashboard ,find the previous filling also.
Once they pass a sales enter and generate a e-invoice it will automatically be in the
gst portal in case any chances we can make it during filing of GST
They will show how much documents they issued and products hsn code .

SALES ENTRY
PURCHASE ENTRY
D
DAY BOOK OF THIRUMATHI MUTHAMMAL TEXTILES PRIVATE LTD

S
STOCK JOURNAL ENTRY

TDS ENTRY
KPN ENTERPRISES (TRICHY) PRIVATE LTD
CHAPTER 7

BIBLIOGRAPHY
BIBLIOGRAPHY

http://kpnforging.com/#home
https://www.gst.gov.in/

https://cleartax.in/s/section-194c-tds-on-
contractor#:~:text=Frequently%20Asked%20Questions-
,What%20is%20Section%20194C%3F,Any%20local%20authority