SUMMER PROJECT REPORT

“A STUDY ON VARIOUS ACCOUNTING

SOFTWARE SPECIAL REFERENCE TO TALLY.”

Submitted to:
DMSR

G.S College of Commerce & Economics, Nagpur

Affiliated To:

Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur

Submitted by:
Ms. Muskan Lalwani

Company Guide:
CA. Sagar Sahajwani

Faculty Guide:
Prof. Kamlesh Thote

Department of Management Sciences and Research,

G.S. College of Commerce & Economics, Nagpur
NAAC Accredited “A” Grade Institution

Academic Year 2021-22

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 CERTIFICATE
This is to certify that the investigation described in this report titled “A

FINANCIAL WORK CARRY OUT BY CA FIRM” has been carried out by

Ms. Muskan Lalwani during the summer internship project. The study was

done in the organisation, SIP KRSK & ASSOCIATES in partial fulfillment of

the requirement for the degree of Master of Business Administration of R.

T. M.Nagpur University, Nagpur.

This work is the own work of the candidate, complete in all respects and is

of sufficiently high standard to warrant its submission to the said degree.

The assistance and resources used for this work are duly acknowledged.

Dr. Sonali Gadekar

(MBA CO-ORDINATOR)

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 CA SAGAR SAHAJWANI

K R S K & ASSOCIATES Mob. .91

9970836080 E-mail : ca.sagarsahaiwani@gmail.com
CHARTERED ACCOUNTANTS

GSTIN : 27ACCFS3925QIZJ
483. Near Sai Chanduram Bakery. Sai Vasanshah Chossk. Jaripatka, Nagpur•440014.

Date: 22/01/2022
TO WHOMSOEVER IT MAY CONCERN

This is to certify that Ms. Muskan Prakash Lalwani, a student of MBA Sem-ll,
Department of Management Sciences & Research, G. S. College of Commerce &
Economics, Nagpur has successfully completed her Summer Internship Program from
15/11/2021 to 31/12/2022 under our guidance. During the period of her internship she was
found punctual, hardworking and inquisitive.

We wish her every success in life.

For K R S K & Associates

Chartered Accountants
CA Sagar Sahajwani

Partner

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 ACKNOWLEDGEMENT

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

internship project in “KRSK & ASSOCIATES” and I am sincerely thankful
to them for providing this opportunity to me.

I am thankful to “Mr. CA Sagar Sahajwani” for guiding me through this

project and continuously encouraging me. It would not have been possible
to complete this project without his / her support.

I am also thankful to all the faculty members of Department of Management

Sciences and Research, G S College of Commerce and Economics,
Nagpur and particularly my mentor “Dr. Kamlesh Thote” for helping me
during the project.

I am Thankful to the principle of G.S college of Commerce and Economics,

Nagpur. “ Dr. N.Y. Khandait” and to the Dean of the DMSR “ Mr. Anand Kale”

Finally, I am grateful to my family and friends for their unending support.

(Name and signature of the student)

Muskan Lalwani

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 Index (Table of Contents)
Sr. No. Particulars Page No.
1 Introduction 6-7

2 Company profile 8-10

3 Terminologies. 11-14
4 Scope of the study 15-16
5 Objective of study 20-21
6 Need of study 22-23
7 Contribution during SIP 25-32
8 Limitations 36-37
9 Research methodology 38-41
10 Findings 43-44
11 Suggestions 46
12 Conclusion 47-49
13 Bibliography 50

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INTRODUCTION

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CA firms provide professional services in the field of accounting, auditing, advisory and

consultancy to various individual corporate A firm runs by one or more partners authorized by

institute of chartered Accountant of India conduct internal and external audit of public and private

limited companies, NGO‟s and the other organization. C.A firms provide tax, audit and advise on

other legal matters to the financial aspect of the organization under the rule and regulation of the

CA by laws of the International Accounting Standards.

CA’s are the professionals who have more knowledge about taxation, accounting, audit and other

financial topics than us.

and industries.

CA provides deeper insight into areas of risk and opportunity, while strengthening governance

structure.

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COMPANY PROFILE

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KRSK & ASSOCIATES is a partnership firm of chartered accountancy . 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.

KRSK & ASSOCIATE 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. KRSK &

ASSOCIATES moukls its opentions and areas of competencies and introduces services so as to

assist clients in their business operations and growth.

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OUR WORK CULTURE :-

“Client Satisfaction is the key”

The prime motto of our firm “well done is better than well said” by which we focused for 100%

client satisfaction and to be recognized as the best in what we do, Built on a foundation of quality,

an ability to think out of the box and a business-focused and result oriented approach: the firm is

committed to ensuring delivery of timely, high-quality workthat brings measurable value to its

clients. Ethics, integrity and professionalism are the key notes of our work culture and approach.

We believe in Maintaining good long term relations with our clients.

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TERMINOLOGIES

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 1) AUDIT :
i) 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 transaction 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
made; also confirming that the amount mentioned In the voucher has been posted
to an appropriate account which would describe the nature of the transaction on its
inclusion in the final statements in account Vouching do not include valuation.

ii) Verification:-Verification enables an auditor to confirm the result of Vouching

about the ownership or the existence of the assets and the liabilities.

Essential to discharge the legal duties imposed on the auditor by Companies Ordinance sub-section

3 of section 255.

Enable an auditor to submit the report addressed to the shareholders.

2) TAXATION:-

Indirect (gst):-•GST (goods and service tax) is a indirect tax levied on goods and services .

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•GST is a single tax on the supply of goods and services.

•GST improve overall economic growth of the nation.

•GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well

as services at the national level.

It will replace all indirect taxes levied on goods and services by states and central.

Direct (income tax) :- Income Tax is a direct and single tax charged on the income of any person

for a relevant income year in relevant assessment year.

That means, in order to generate revenues, Government imposes tax on various areas. Of them

Income Tax is the tax which is levied on the taxable income of a person or entity as per the

provisions of the income Tax Ordinance, 1984.

3) PROJECT FINANCING:-

The International Project Finance Association defines Project finance as “financing of long-term

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infrastructure, industrial projects, power plant, etc., where project debt and equity used to finance

the project are paid back from the cash-flow generated by the project.”

The two key aspects of project financing are:

■ 1. The project revenues (cash flows) are expected to service debt or equity interest taken by the

providers of capital.

■ 2. The loans are secured by the project assets or, to the extent security interests are restricted or

have limited value, are secured by contingent support from sponsors and other project participants.

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SCOPE OF THE

STUDY

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Internship at KRSR & ASSOCIATES was my first experience . I learn a lot new things about gst

aduit income tax.

1] 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.

2] 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.

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Difference between auditing & accounting:

several customers and members confuse with accounting and auditing, because maximum auditing

is concerned with accounting information also many auditors have considerable expertise in

accounting matters.

Accounting

Recording of
transactions and
preparation of financial
statements
GAAP (the link)

Evaluation of financial
statements

Auditing

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of Accounting the system of recording and summarizing business and financial transaction and

analyzing, verifying, and reporting the results of financial information for decision making. It’s

provides service to an entity.

Financial auditing is the process of examining an organization’s (or individual) financial records to

determine if they are accurate and in accordance with any applicable rules (including accepted

accounting standards), regulations, and laws.

Auditing is the process of examining an organization’s (or individual) financial records to determine

if they are accurate and in accordance with any applicable rules (including accepted accounting

standards), regulation, and laws. From the point view of the audit of financial statements, these are

generally accepted accounting principles (GAAP).

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Requirements of an Effective Audit:

In order for an audit to be completed properly, auditor must contain certain attributes. Such as:

 Auditor must have a thorough understanding of the entity being audited and the industry of

which it is a part.

 The auditor must also have a comprehensive knowledge of GAAP in order to audit

effectively.

 A solid grasp of concepts of internal control and a careful review and evaluation of internal

accounting controls are also necessary ingredients to an effective audit.

 In addition to understanding the company, GAAP, and internal control, the auditor must also

be knowledgeable in the area of evidence gathering and evaluation.

According to Taylor and Glezen, 1979, to become a chartered accountant, a person must fulfill the

following requirements:

 An Educational Requirement

 An Experience Requirement

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OBJECTIVE OF THE

STUDY

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1. To know suggestions and feedback of customers this will help firm, this will help firm to

improve in future .

2. To know the customer perception towards KRSK & ASSOCIATES.

3. To make study of gst.

4. To know about customer satisfaction and dissatisfaction.

5. Evaluation of role of KRSK & ASSOCIATES in nagpur.

6. Measuring the service quality being provided by KRSK & ASSOCIATES.

7. Studying the importance of audit.

8. To get exposure to do a work in an organisation and also known about organisational

behaviour, ethical rules and regulations.

9. To improve communication skills.

10. To know how a chartered accountants Firm performs an audit.

11. To acquire intensive knowledge about the audit practice followed by the company.

12. How the audit procedure is being planned and in what proper manner it is being implemented.

13. Adapting as a professional organizational environment

14. Examining whether the cash incentive facilities were really misused before the introduction of

independent cash incentive audit.

15. How field work is performed during the audit.

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NEED OF THE

STUDY

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1. CA is a financial advisor he can help us in financial planning.

2. To make relationship between the client.

3. Accountants other than CAs are less experienced and by default are less professional.

However, accountants are capable of doing their jobs well but they can’t match the level of

professionalism a CA has.

4. A business can trust a Chartered Accountant with all its money as CAs are obliged to follow

certain norms acknowledged by the ICAI.

5. A practising and efficient CA can help you out with more services apart from just filling out

the returns.

6. For tax compliances – If you are registered under the tax government it will not only ask you

to maintain the records of business transactions but will require you to calculate tax accurately

on the transaction.

7. Here you need a CA as he/she is the one with complete knowledge related to the regulatory

norms on tax.

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 Significances of the Study:

1. Every Internship report is an essential partial requirement of MBA program.

2. Because of the knowledge & learning become great when it’s linked both academic and

practical knowledge. By internship program student can create contacts & networking.

3. Contact helps to get a good job in our practical life. Every student prepares themselves for the

job market.

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CONTRIBUTION DURING
SIP

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I was given the accounting work wherein I used to do entries in tally .

In tally, I used to make entries of

Sales

i)for credit note:- CNTRL + F8

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ii)for debit note:- CNTRL+ F9

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purchase bills:-F9

Bank statement:-,F12

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Other expenses:-
Electric bills-F7 ( journal)
Fuel- F7
Stationery-F7

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 1) I got to do vouching of expenses and income

( intial stage of audit) of the temple.

• While doing vouching of income and expenses, we checked each and every receipt of income of
that temple.

• We were told to make a query sheet of any mistake or issue while doing this.

•Checking each and every receipt was a hectic thing to do but that helped me understand .

• flow of a transaction and finally how it helps in the preparation of financial statements.

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31
 Communicating the audit result:-

At the last stage of the audit, the audit team communicates the audit result to the Trustee and the

Stakeholders of the fund. The auditor should review and assess the conclusion drawn from the audit

evidence obtained during the course of the audit. Before finalizing the audit the audit report the

following formalities are maintained which are as follows.

a) Draft Audit Report

On evaluation and finalization of audit findings the audit firm communicates the audit report to the

clients in draft form to the clients.

b) Discussion of Audit Report With Exit Meeting

After preparation of draft audit report the audit firm documents all the matters, which are important in

providing guidance that the audit are carried out with the basic principles of auditing. Then the firm

discuses with the clients the audit findings at an exit meeting presented in the audit report .Firm

invites comments on findings from the management and documents therein and documents the

comments given by the client.

c) Finalizing the Audit Report

After making final amendments the firm submits the final report to the clients with the auditors’

report.

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 VALUE OF CLIENTS:-

It is certain that each and every information of a client is confidential to a firm.so aim is to provide

value to clients.KRSK & ASSOCIATES develop their auditing approach with that of other firms.it

undertakes the following

Building up the working relationships will be fine.

The ability to understand client business.

Firstly we gather initial information to evaluate the financial position of the client.secondly we analze

it and verify with the proper documents.thus we come across to know ;

Client’s business nature easily be understand

Internal control stucture

Client expectation

We also collect informative documents like ;

 Last year audit report

 Board minutes

 Internal audit report

Formally internal control structure helps to detect fraud and errors.

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Specific accounts risk analysis:-

Sometimes verification of all accounts won’t be easy because of time constraint.then it is urgent for

the audit team to analyse the risk assesment of some specific accounts.these can be ;

3) Accounts Receivable

4) Accounts Payables

5) Non current Assets

6) Inventory

7) Cash and Cash equivalents

8) Retained Earnings

9) Tax and Vat

10) Non current Loan etc.

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Evaluation and communication of Audit result:-

At the final stage of audit, the respective audit team communicates with the outcome of the audit to

management and the shareholders of the entity.The audit team initially issues two types of reports :

1)Auditor’s report –commonly known as external report.

Management letter –commonly known as internal report.

Auditor’s report usually made for Share holders and other exrernal party’s.on the other hand.

management report is made for internal usurs.its a recommendation letter for internal authority only.

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LIMITATION OF
STUDY

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1) Internship time period was very short i.e 45 days.

2) In 45 days it’s not possible to even gain a bird eye view of such vast concepts like taxation

and audit.

3) Scheduled time span was not sufficient to cover all information.

4) As this internship was my first internship, I was unaware of the practicality of audit and

taxation procedures..

5) Each one organization has their own secrecy that is not revealed to others. During

collecting the data they did not disclose much information for asked of confidentiality of

the organization.

6) Besides I have failed to observe application of related laws procedures followed during

audit function.

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 RESEARCH
METHODOLOGY

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Data collection:-

Data collection is the systematic approach to gathering and measuring information from variety of

sources to get a complete and accurate picture of an area of interest.

I have prepared this report on the basis of my experience gathered and from respected sir. I have

disclosed my experience and finding in the analysis part by using different charts and tables. The

methodology of the study mainly supplies the statistical methodology in collecting data and necessary

analysis on different applicable laws and act. The details of the study are described below:

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 Sources of Data

Primary sources Secondary sources

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PRIMARY DATA

Data used in research originally obtained through the direct efforts of the researchers through the time

of internship.

data collected by working with several audit teams.

discussing with managers,seniors and articled students.

circulars published by newspares.

SECONDARY DATA:

Secondary data refers to data that was collected by someone other than the user. Secondary data can

be collected through references as website.

Secondary data analysis can save time that would otherwise be spent collecting data and, particularly

in the case of quantitative data, can provide larger and higher-quality databases that would be

unfeasible for any individual researcher to collect on their own

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 NEED OF INTERNSHIP:-

1) An internship is work related learning experience for individuals who wish to develop hands

on work experience in certain occupation field.

2) An internship is position which always a student to gain professional experience in an

occupational area which they are considering.

3) An internship is supervising pre- professional learning experience in which students apply

their skills knowledge in professional settings.

4) It provides students with a full and realistic view of workplace, culture and experience.

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FINDINGS OF

STUDY

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 1) Internship at KRSK & ASSOCIATES was my first experience. I learnt lot of new things.

2)Initially I know about audit, taxation, tally accounting.

3)Here, I found the hard work to be done by people.

4)And how to communicate with clients,how to maintain good relationship with clients.

5)How to complete work in short span of time.

6)I got to know about what client think about KRSK & ASSOCIATES .

7)One of the major short-comings of audit procedure is the time limit. Client communicate with the

audit firm at the eleventh hour and that creates pressure to complete the audit procedure and make a

complete audit report and submit it to the clients. As a quality assurance of the audit work sometimes

gets hampered.

8)For time limitation we finish the audit engagement and provide audit report very quickly. That

reason quality of audit work not possible.

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MY OBSERVATION:-

 Meaning and understanding the responsibilities

 Necessity of Commitment

 Accumulated valuable work related skills

 Gained and understanding and become comfortable with professional work environment

expectation and social norms

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 SUGGESTIONS:-

INTERNSHIP at KRSK & 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.

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CONCULUSION OF THE

STUDY

47
 1.After working on this project its my immense pleasure to say that it has been most beneficial to

me as it gave a lot of knowledge about the Finance.

2.The summer internship program with KRSK &ASSOCIATES was a good learning experience

and a first step in the Corporate world.

3.KRSK & ASSOCIATES is overall one of the profit making and reputed firm .

4.The organization since its very first day is devoted to providing quality services.

5.The detailed and through review of work and clients’ trust shows the perfection with which it is

working.

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 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 KRSK & ASSOCIATES, I have truly enjoyed my internship. I am

confident that this 45 days internship at KRSK & ASSOCIATES will definitely help me to

realize my career in the job market.

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BIBLIOGRAPHY:-

www.wikipedia

www.investopedia.co

www.google.com

1.The personal information to be collected while internship.

2. The talk to the owner of the firm.

3.Chartered Accountants, Work Paper and other related documents

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