A

SYNOPSIS
ON

SUMMER TRAINING UNDERTAKEN AT

GUJRANI & CO.

Bachelors of Business Administration (BBA) Honours

Submitted by

Gourav Sahu

A80306417051

Batch of 2017-20
At

AMITY UNIVERSITY

RAIPUR,C.G

June-July 2019

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 DECLARATION

I, GOURAV SAHU student of AMITY UNIVERSITY, Raipur Batch in BBA

Honours, hereby declare that, this Project Report under the title GUJRANI & CO.is the
record of my original work under the guidance of CA Abhishek Kumar Singhi. This report
has never been submitted anywhere else for award of any degree or diploma.

Signature of the Student:

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 ACKNOWLEDGEMENT

It is a great opportunity & pleasure for me to express my profound gratitude to wards all
the individuals who directly or indirectly contributed towards completion of this report.

Working on this report was a great fun, excitement, challenges and a new exposure in the
field of finance. I am greatly in debated to under whose guidance and concern I am able to
bring the report into its real shape.

I am thankful to Dr. Deepa and all faculty members of Management

Department in providing me useful guidance for the completion of this report. I convey my
gratitude to all those who are directly or indirectly related in the completion of this project
report.

Gourav Sahu

Roll No: A80306417051

Course: BBA(Honours)

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INDEX

S. NO. CONTENT PAGE

5
1
Introduction

5
2 Company Profile

6
3 Objective of the Study

7-14
4 Overview of the Study

15
5 Learning

16
6
Suggestions

16
7
Limitations

16
8
Conclusion

17
9
Reference & Sources

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Introduction

Organization is working as a 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.

Vision of the ICAI is:

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

excellence upholding the principles of integrity, transparency and accountability.

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.

These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.

COMPANY PROFILE

GUJRANI & CO. was established in the year 2001. It is a leading chartered in West Bengal.
Accountancy firm rendering comprehensive professional services which include audit, management
consultancy, tax consultancy, accounting services, manpower management, secretarial services etc.

CORPORATE SERVICES

Incorporation of company
Consultancy on Company Law matters.
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 on Public/Rights/Bonus Issue of shares. Change of Name, Objects, Registered Office,
etc.
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Objective of the Study
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 organisation environment. Following are the objectives that I
have in my mind before working as an internee.

1. Maintenance of accounts/ book keeping.

2. TDS return preparation.
3. Preparation of Cash
Budget

Software used during internship:

1. MS Excel
2. Tally

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Overview of TDS

Tax deducted at source (TDS) is a tax that is deducted from income that a company in
India pays to a recipient or supplier if the income amount exceeds a specific statutory
limit in a financial year.

The types of income that are subject to TDS include:

Salary.
Interest and dividends.
Winnings from the lottery.
Insurance commission.
Rent.
Fees from professional and technical services.
Payments to contractors and subcontractors.

The withholding amounts for TDS can be deducted from an invoice submitted by a
supplier or from the payment that is issued to the recipient or supplier.
Companies must also submit an annual return to the government for each recipient or
supplier for the financial year. TDS certificate can be either Form 16 (R75I10A) or Form
26Q-P2P-IND (R75I122EQ). Form 16 is the TDS certificate which an individual
submits and Form 26Q is the TDS certificate which a company submits to the tax
authorities.

TDS must also be deducted from payments issued to third parties by both corporate
and noncorporate entities. The entity must deposit the amount owed for withholding at
any of the designated branches of banks that are authorized to collect taxes on behalf
of the government of India. The entity must also submit the TDS returns, which contain
details about the payments and the challan for the tax deposited to the Income Tax
Department (ITD).

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 Process flow of TDS

This process flow shows the steps to charge and remit TDS :-

Create vouchers for suppliers with pay

status % and applicable tax type

Calculate TDS on vouchers

Issue payments to suppliers with TDS

amounts deducted

Submit monthly payment for TDS to tax

authority

Update Challan

Generate monthly statements and submit

quarterly and annual returns

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 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:

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 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:

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 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 vise versa.
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

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 vise versa. It is commonly used in
case of Sales Returns.

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:

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 Overview of Balance Sheet

The balance sheet is prepared in order to report an organization's financial position at the end
of an accounting period, such as midnight on December 31.
A corporation's balance sheet reports its:
 Assets (resources that were acquired in past transactions)
 Liabilities (obligations and customer deposits)
 Stockholders' equity (the difference between the amount of assets and liabilities)
You can view the balance sheet as reporting the assets and the claims against those assets
(liabilities and stockholders' equity). You can also view the balance sheet as reporting a
corporation's assets and the amounts that were provided by creditors (the liabilities) and the
amounts provided by the owners (the stockholders' equity).
A classified balance sheet reports the current assets in a section that is separate from the long-
term assets. Similarly, current liabilities are reported in a section that is separate from long-
term liabilities. This allows bankers, owners, and others to easily compute the amount of an
organization's working capital and current ratio.
The balance sheet has some limitations. For example, the property, plant and equipment are
reported at cost minus the accumulated depreciation (except land). If these assets have
increased in value, the fair value is not reported because of the cost principle. Also, brand
names and trademarks may have significant value, but cannot be reported on the balance
sheet unless they were acquired in a business transaction.
The balance sheet should be read with the other financial statements (income statement,
statement of comprehensive income, statement of cash flows, and the statement of changes
in stockholders' equity) including the notes to the financial statements.

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 Cash Budget

A cash budget is a management plan for the most important factor of a company’s viability—
its cash position

The Purpose of a Cash Budget

At its most basic level, a budget is a plan. It is a plan for owners and managers to achieve their
goals for the company during a specific time period.

The preparation of a cash budget is an important management task. While some small
businesses may be able to survive for a time without budgeting, savvy business owners will
realize its importance. A cash budget can protect a company from being unprepared for
seasonal fluctuations in cash flow or prepare a company to take advantage of unexpected
quantity discounts from suppliers.

While there are other types of budgets that can be prepared, such as projected or pro forma
financial statements, a cash budget is a management plan for the most important factor of a
company’s viability— its cash position. A company’s cash position determines how
suppliers will be paid, how a banker will respond to a loan request, how fast a company can
grow, as well as directly influencing dividends, increases to owner’s equity, and
profitability.

Many small businesses find it helpful to prepare monthly cash budgets and to analyze any
variances between the budgeted and actual amounts on a monthly basis. This enables small
business owners and managers to stay on top of any unexpected cash uses.

The creation of a cash budget requires you to make estimates (or best guesses) about many
different aspects of your company and the environment in which it operates. Future sales
will be contingent on many things, such as competition, the local economic climate, and
your own internal operations and capacity. In addition, after sales are estimated, potential
costs must also be derived. The important thing to keep in mind while arriving at these
figures is that past experience is important, but so is intuition. The estimates you will need
to develop must be based in reality and yet contain a dose of creativity and, if warranted,
optimism.

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There are budgets, other than the cash budget, that are important for your company. However,
the cash budget is a good first step if you are new to budgeting.

A cash budget cannot be created in a vacuum. Before and during the budgeting process, business
owners must consult with line managers, suppliers, and key personnel to make the best
guess possible about the relationship between the goals for the period and their effect on
cash receipts and cash expenditures.

How to create a Cash Budget

There are three main components necessary for creating a cash budget.
• Time period
• Desired cash position
• Estimated sales and expenses

Here is an example of a cash budget for a small business:

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LEARNING

I learned through my training program, that how I can

Improve communication skills.

Establish high standard in professionalism.
Learn more than the theoretical knowledge.
Learn book keeping practices of different companies.
Apply the theoretical knowledge in actual organisation.
Compare practical aspects with theoretical aspects.
Make quick decision in real situation.
Learn how promote and conduct research in business area.
Promote my personal knowledge and professional preparation for future. To
properly integrate my theoretical knowledge and practical work.
Get knowledge of opportunities and threats while entering into an organisation.
Get exposure to do a work in an organisation and also known about organisational
behaviour, ethical rules and regulations.

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Suggestions

They have good opportunity to introduce the ISO standards training program which

The firm, to be more competitive in days to come, 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 thinks to improve its business volume
it needs a professional marketer as many other big firms adopted and have complete
marketing department.

Limitations

They have a small staff with shallow skills base in many areas.
Less number of staff members.
Developments in technology change this market beyond Gujrani & Co. Ability to
adopt.
Change in government policies and procedures may act as threat for company.

Conclusion

Gujrani & Co is overall one of the profit making and reputed firm of Etah. 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.
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Reference & Sources

In my work I used different webs to collect information/data which includes.

WWW.ICAI.ORG

WWW.WIKIPEDIA.COM

WWW.INVESTOPEDIA.COM

TALLY.COM

ZIONSBANK.COM

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