BACHELOR OF COMMERCE
INTERNSHIP REPORT ON
VERIFICATION OF ASSET & LIABILITIES
SUBMITTED BY
R. INFANTA JEFREENA
21/UCMA/358
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INDEX
S.NO PARTICULARS PAGE NO
1 ORGANISATION PROFILE 1
2 INTRODUCTION 2
3 SERVICE THEY OFFER 3
4 INTERN WORKS 6
5 LEARNING OUTCOME 7
6 LOG BOOK 8
7 BONAFIDE CERTIFICATE 9
8 INTERNSHIP CERTIFICATE 10
9 CONCLUSION 11
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ORGANISATIONAL PROFILE
NAME OF THE COMPANY: P. Jayaraman & Co
ADDRESS: #5, Lynwood Avenue, Mahalingapuram, Chennai-
600034
PHONE NO: 28173810/11/12
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INTRODUCTION
We P. JAYARAMAN & CO a Chartered Accountancy firm
specializing in the Income Tax law and also rendering a plethora of other
professional services to large corporates, Small and Medium sized
businesses and owner managed enterprises.
We as a Chartered Accountancy firm are committed to uphold the highest
standards of integrity and transparency in our work and dealings. We also
aim to keep up and further build the high repute and standards of our
Chartered Accountancy profession globally. We aim at blending expertise
and experience with the latest technology to deliver customized services
to our more than 35-year-old satisfied client base.
As a firm, we are large enough in terms of experience and expertise to
provide sophisticated services, but small enough to look into and provide
personalized attention to the details. As a result, our clientele ranges from
Multi-national companies to owner managed businesses. We advocate to
follow the law of the land in spirit rather than in letter and also advice our
clientele accordingly.
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SERVICE THEY OFFER
CORPORATESERVICES:
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.
AUDIT SERVICES:
Broadly, audit involves the following:
In-depth study of existing systems, procedures and controls for
proper understanding. Suggestions for improvement and
strengthening.
Ensuring compliance with policies, procedures and statutes.
Comprehensive review to ensure that the accounts are prepared in
accordance with generally accepted accounting policies and
applicable accounting standards/ifrs.
Checking the genuineness of the expenses booked in accounts.
Reporting inefficiencies at any operational level.
Detection and prevention of leakages of income and suggesting
corrective measures to prevent recurrence.
Certification of the books of account being in agreement with the
balance sheet and profit and loss account.
Issue of audit reports under various laws
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Types of audits conducted:
Statutory audit of companies
Tax audit under section 44ab of the income tax act, 1961.
Audit under other sections of the income tax act, 1961 such as
80hhc, 80-ia, etc.
Concurrent audits.
Revenue audit of banks.
Branch audits of banks.
Audit of pf trusts, charitable trusts, schools, etc.
Audit of co-operative societies.
Information system audit
Internal audits.
SERVICES FOR NON-RESIDENTS:
Allotment of Permanent Account number (PAN)
Tax planning.
Obtaining Advance Rulings on debatable issues.
Consultancy/advice on FEMA/RBI matters.
Filing Income Tax Returns
Advice on making investments
Issuing certificate for repatriation of income / assets from India.
Making application to RBI for various matters including sale and
purchase of residential and commercial properties.
TAX DEDUCTED AT SOURCE (TDS):
Advice on all matters related to compliance of TDS/TCS provisions.
Obtaining Tax Deduction Account Number (TAN).
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Periodic review of TDS/ Withholding Tax compliance.
Computation of monthly TDS.
Monthly reconciliation of TDS due and deposited.
Monthly deposit of TDS electronically/manually.
Issue of monthly/annual TDS certificates.
Filing of quarterly E-TDS/Manual Returns.
Filing of Correction Statements.
TDS assessment.
ACCOUNTING SERVICES:
Accounting System Design & Implementation
Financial Accounting
Budgeting
Financial Reporting
MIS Reports
Financial Analysis
Asset Accounting Management
Depreciation and Amortization Schedules
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INTERN WORKS
VOUCHING
{Day 1 to 5}
Creation of ledger
Posting entries of bank statement in tally
Making entries of purchases
Entries of sales bill Splitting company
Creating company posting of opening balance in tally.
VERIFICATION OF ASSET & LIABILITIES
{Day 6 to 11}
It is crucial to verify the assets and liabilities of previously owned
companies to ensure accuracy in the financial records. When checking
the particulars entered and calculating amounts, attention to detail is key
to guarantee the correctness of the figures. By meticulously reviewing
the data and calculations, you can maintain the integrity and accuracy of
the financial information. Verifying assets and liabilities from previous
company records is an essential step to ensure accuracy in financial
reporting. To confirm that the particulars are entered correctly and the
amounts are calculated properly, it is advisable to conduct a detailed
review and reconciliation process. This may involve cross-referencing
the data with supporting documentation, performing reconciliation
checks, and seeking clarification on any discrepancies found.
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LEARNING OUTCOMES
Knowledge about accounting works in tally, how to use tally
software.
Creation of ledger and posting entries of bank
statement in tally.
Making entries of purchases and sales bill.
splitting company data and creating company
Posting of opening balance in tally.
Improve communication skills, communicating with professionals.
Integrate theory and practice and developing work habits, learn
things apart and more than theoretical knowledge.
Getting practical experience in a real life, assess interests and
abilities in this field.
Improvement of my time management, team work, etc.
Adapting quickly to changing environments, get exposure to do a
work in an organization and also came to know about
organizational behavior ethical rules and regulations
Plan for future and how to adjust in an organization.
I met quite a few amazing people who were very warm and caring
towards me and also very willing to share their knowledge and expertise.
During the internship I really felt like it became my second home and I
am very grateful to them for it.
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CONCLUSION
On the whole, this internship was a useful experience. I have gained
new knowledge, skills and met many new people. I achieved several
of my learning goals, however for some the conditions did not
permit. I got insight into professional practice.
The internship was also good to find out what my strengths and
weaknesses are. This helped me to define what skills and knowledge
I have to improve in the coming time. It would be better that the
knowledge level of the language is sufficient to contribute fully.
This internship has been an excellent and rewarding experience.
Two main things that I’ve learned is the importance of time
management skills and self-motivation.
At last this internship has given me new insights and motivation to
pursue a career in accountancy.
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