SUMMER TRAINING REPORT

HEINZ INDIA PRIVATE LIMITED

PLANT ACCOUNTING IN HEINZ INDIA PVT.LTD.
UNDER SUPERVISION OF :-

UNDER GUIDENCE OF:-

SUBMITTED BY: RAVENDRA YADAV

2011MBA230

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INDEX
CONTENTS
A. PREFACE B. ACKNOWLEDGEMENT C. INTRODUCTION • HEINZ • • • • HEINZ IN INDIA HEINZ VISION HEINZ VALUES STRUCTURAL ENVIROMENT 6 7 8 9 10-14 15 16 17 18 19 20 21 22-23 24 25 26-27 28-30

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D. PLANT FINANCE EFFICIENCY E. PLANT ACCOUNTING F. OBJECTS OF PLANT ACCOUNTING G. ACCOUNTING PROCESS AT A GLANCE H. USERS OF PLANT ACCOUNTING INFORMATION I. FUNCTIONS OF PLANT ACCOUNTING J. FLOW CHART K. PLANING DPARTMENT L. PREPARATION OF INDENT PR, PO M. FLOW CHART OF INDENT PR, PO N. PURCHASE • • PURCHASE ORDER TERMS AND CONDITIONS FOR PURCHASE ORDER • ROLE OF FSU 31

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CONTENT
P. QUALITY ASSURANCE DEPARTMENT • • QUALITY ASSSURANCE DEPARTMET ROLE OF Q/A DEPARTMENT

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Q. FACTORY STORES • • PROCESS OF WORKING IN FACTORY STORES OF HEINZ PROBLEMS IN FACTORY STORES & SUGGESTIONS 37 38-39 40 41 42 43-44 45 46-47 48 49-50 51 52-55 56-57 58 59 60 R. SYSTEM ANALYSIS AND PROCESS S. ENTRY PATTERN OF A/C’S IN COMPANY T. STEPS FOR SERVICE PROCUREMENT U. PAYMENTS • • • • • • • • • • • • PAYMENT SYSTEM PAYMENT PROCEDURE IN HEINZ SERVICE BILL ADVANCE PAYMENT CONSEQUENCES OF DELAY IN PAYMENT POINTS RELATED WITH PAYMET SYSTEM DEPARTMENT RELATED WITH PAYMENT SYSTEM MODE OF PAYMENT REPORT FOR CONTROL REASONS FOR DELAY IN PAYMENT RECOMMENDATIONS CONCLUSION 34-36

V. SAPMLES OF 3

Heinz India Limited is one of the American paradigms.• • • INVOICE YELLOW SLIP WHITE SLIP 61 62 62 63 W. It is certified by ISO – 9000.for sparing there valuable time for this purpose. BIBLIOGRAPHY PREFACE For the compulsory training required for my course M. 4 . J. Heinz Company is a well known player in FMCG category. MANZURGARHI.B. Mainly.A. I have explored many other areas of finance & accounts division.Finance Officer & ----------------------. It stands second in the world among food product companies next to nestle. ALIGARH. section Head of finance & Accounts division --------------------. H. I have selected HEINZ INDIA PRIVATE LIMITED. I have experienced the automated accounting process and other efficient payment procedure. I would like to extend my sincere thanks to the factory authority for allowing me for this training . During my training I have been associated with different areas of finance & accounts division of HEINZ INDIA PRIVATE LIMITED & learned about how to bridge gap between theoretical knowledge & practical working .

R. This project would not have been completed effectively without their participation. This project report is the culmination of the Six weeks project work undertaken by me at HEINZ INDIA PRIVATE LIMITED. MANZOORGARHI ALIGARH.(Assisstent in Finance) for his support. 5 . who gave me their precious time. I am very grateful to ---------------------------------------. His moral support and continuous guidance has enabled me to carry out my work effectively. Several people with whom I have interacted have contributed significantly to the successful completion of my summer project.(Senior Assistant in H. assistance and valuable suggestions throughout this project and report preparation.ACKNOWLEDGEMENT No task is a single man effort various factors. situations and persons integrate to provide the background for accomplishment of task. without which this summer project wouldn’t have been success. I am heartly grateful to -----------------------------------------(Charted Accountant) for giving me the opportunity of working at HEINZ INDIA PRIVATE LIMITED. I am thankful to -------------------------------------.) who willingly responded to my innumerable questions and whose contribution is invaluable.(Assistant in H.R) and ---------------------------. And for enlightening me about the subject of the project as well as for his continuous encouragement. Finally.

with more than $10 billion in global sales as of Fiscal 2009. Infant/Nutrition. The world’s Favourite Ketchup. Heinz is most international U.Johnson. the company continues to deliver on its tradition as the “ Pure Food Company”. taste and nutrition to people eating at home. with 150 brands holding number-one and number-two positions across five continents and more than 50 countries. and a market capitalization of approximately $15 billion. TOP 15 BRANDS 6 .-based food company. showcased by Heinz Ketchup. President and CEO William R. Meals and Snacks. The company has a world-class portfolio of powerful brands.000 employees worldwide and 11. Heinz provides superior quality. The company has more than 30. at the office and “on-the-go”. at restaurents.000 employees in the U.Heinz Company is one of the world’s leading marketers and producers of nutritious foods in three categories : • • • Ketchup and Sauces. Under the leadership of chairman.S.HEINZ AT A GLANCE The H.J.S.

Pennsylvania. Heinz provides delicious.S. headquartered in Pittsburgh. “if it isn’t Heinz.S.” 7 .-based food companies. it isn’t ketchup. Foodservice. Heinz is synonymous with ketchup.HEINZ A World of Good Food The H. makes Heinz like no other company on earth. nutritious and convenient foods for families in 200 countries around the world. The First Name in Ketchup Throughout the world.J. Key Heinz markets are segmented as North American Consumer Products. For millions of families the world over. woman and child on the planet. In more than 50 of those countries. with an unwavering emphasis on health and wellness. Europe. we enjoy the number-one or number-two market position. U. Heinz Company. Our commitment to providing a variety of wholesome foods. Famous for our iconic brands on five continents. Asia Pacific and Rest of World. is the most global of all U. We sell 650 million bottles of Heinz ketchup every year and approximately two single-serve packets of ketchup for every man.

sauces. Among them are our 15 Power Brands.. on any given continent. snacks. Glucon-D . This manufacturing facility is HACCP certified and follows GFMP (Good Food Manufacturing Practices) to deliver nutritious and safe food products to our discerning consumers.Mahek bhara swaad. dining out.The Good Food Company Beyond ketchup. Heinz is committed to enriching your family’s eating experience. Heinz India is fully integrated into the global Heinz operations employing high standards in quality at its state-of-the-art manufacturing facility at Aligarh in the State of Uttar Pradesh..the most effective prickly heat powder and Sampriti Ghee . and developing nutritious and innovative foods for today's families. meals. Nycil . or “on the go!” Satisfying Tastes and Appetites Around the World At any given moment. Our core products include ketchup. Heinz also markets an ever-expanding selection of other great tasting foods. and a great investment with tremendous growth potential. perfecting fresh ideas. In short. which comprise approximately 70% of our global sales. Heinz in India provides taste and nutrition through globally trusted products like Heinz Tomato Ketchup and strong local products like Complan . the 32. INRODUCTION OF HEINZ INDIA Heinz came to India in 1994 by taking over the Family Products Division of Glaxo with powerful brands such as Complan. whether you’re at home.creating new products.the refreshing energy drink. Glucon-D. Heinz is a trusted name for consumers. a valued partner in the community.with extra growing power. Nycil and Sampriti. 8 . and infant/nutrition.500 employees of Heinz are hard at work.

iconic brands like Complan & Heinz and category leaders like Glucon D & Nycil are being nurtured with a combination of formulation and flavour upgradation. TASTE & NUTRITION. “Today. to people everywhere”. Be a company with a strong and motivated workforce.” HEINZ VISION “The words Premier Food Company Offering Nutrition. Satisfying customer’s needs. packaging innovations and new positioning strategies with strong equity quotients. Delivering high quality products. Superior Tasting Food. To become renounced in commercial as well as social.Heinz products synergize the three pillars of the Heinz tradition namely TRUST. Adhering to standards.      Premier Values     Passion Risk tolerance Excellence Motivation 9 .

 Integrity . 10 . sustainable future and create the path to achieve it.We deliver on commitments.  Innovation . Heinz Worldwide: A Pure Food Company HEINZ VALUES  Team Building & Collaboration .We define a compelling.and long-term.   Innovation Empowerment Respect Chairman’s Four Imperative     Drive Profitable Growth Remove the clutter Squeeze the cost Measure & Recognize Performance.   Vision .We spot consumer and customer needs and meet them with simple. act with the highest ethical standards and ensure that our products are of the highest quality.We embrace great ideas from everywhere and everyone and respect all individuals. Results .We always tell the truth. take accountability and balance the short. creative solutions.

" HEINZ INDIA BRANDS HEINZ KETCHUP  11 . the planet and our Company.Heinz India Private Limited Mission Statement "As the trusted leader in nutrition and wellness. Heinz – the original Pure Food Company – is dedicated to the sustainable health of people.

 COMPLAN  GLUCON-D  NYCIL STRUCTURAL ENVIORNMENT 12 .

R. They are as follows:1. Production Department 2. m and the entire area is divided into small wooden partition. 24hrs chilled and pure water supply. H. There are many tube lights. Purchase Department 6. its functions are: 13 .It is concerned with the accounts and budgets preparation. Retail Packing Unit 4. Every separated area is allotted to every single employ. Quality Assurance Department 3. There are eleven departments in the campus.Total area covered by the building of department is appro. Milk Procurement Department 11. fans. Finance department 10. 500sq.(Personal) Department 5. Distribution & Planning Department 7. moveable chairs. Safety Department FINANCE DEPARTMENT: . Engineering Department 9. The capacity of water cooler is 60ltr/hr. Factory Service Unit(FSU) 8.

PERSONNEL DEPARTMENT: . Estimation of taxes – sales tax.P . Wages administration. Training. Variance analysis and information technology. Their functions are: I: Processing area: • • To conduct the dairy activities effectively To dry up the skimmed milk for the preparation of COMPLAN. Purchase and expenses accounts control. Maintaining the personal record. II: R . PRODUCTION DEPARTMENT: -This department is concerned with production of FMCG goods. Maintaining the record of temporary casual.• • • • • • • Fund management and budgetary control.This department is concerned with managing people and matters therewith.U: This unit is set up for the purpose of packaging the products. Revenue budgeting and sending it to the main corporate office. income tax. Statutory and audit compliance. excise duty. promotion. service tax. Mandi-Samiti tax. Welfare activities: 14 . and job rotation. contract. and apprentice workmen. Their functions are: • • • • Selection and Recruitment of employees.

SPORTS CLUB: . • To provide effluent treatment and pollution control.M operation is the president of the sports club. It has different timing for lunch of management staff and workers and is situated in one building only.CANTEEN: Canteen is providing food on highly subsidies rate. REST ROOMS: -There are 4 rest rooms to facilitate the workers in the evening and nightshift both. QUALITY ASSURANCE DEPARMENT: . • Establishing and Maintaining appropriate operating and monitoring procedure necessary for controlled production and every person is responsible for product integrity and safe guarding quality environment competent to carry out his responsibilities. Activities are also coordinated by members of canteen . games. so as to ensure that customers confidence is generated and maintained consistency.As the name indicates quality is just not an accident . HEINZ INDIA PRIVATE LIMITED is committed to: • Procurement .In this committee there are 14 members. production and Marketing of safe clean wholesome foods of high quality . The committee coordinates the activities of sports club members like annual sports. Development . keeping focus on needs of customer by establishing and maintaining proper facilities necessary for controlled production consistency in a sanitary manner . picnic tours.It caters approx 500 person daily. 15 . annual function of cultural programmes. ENGINEERING DEPARTMENT: .Its main function are as follows: • To provide support to operation and maintenance of various equipment used in production process. G. it is a collective work of intelligent people with a team of well trained and experienced people in quality assurance department. Lakhs per annum. Company`s own staff only runs canteen. Company almost Bear a loss of Rs.

Asking for quotation and their evolution. • • Ensure compliance of ISO norms. To provide storage and refrigeration to the milk. To conduct milk purity test.Its main functions are • • • • Collection of milk from the various collecting centers. PURCHASE DEPARTMENT: -Its main functions are • • Material procurement. Its main functions are – • Ensure storage of material under hygienic condition and meet good food manufacturing practice standards. Ensure safe unloading of stocks and no discrepancy with ledger balance. 16 . MILK PROCURMENT UNIT: . SAFETY DEPARTMENT: -For the purpose of providing safety and security to the company from various contingencies. It has been divided into several zones.This department is concern about management of inventory and control. STORAGE DEPARTMENT: . Safe transportation of milk collecting centers to the company . occupation health and environment standards establishing internal review procedures to ensure compliance of applicable laws and regulation.• Achieving high safety. To conduct quality test of raw material and Packaging materials. Its main functions are: - • • Maintenance of quality assurance department and lab equipments.

Security alert around the factory / boundary wall area. Watch the working condition like water facility. the security officers appointed for different zoned & perform their responsibilities. The working condition of the organization is obeying the FACTORY ACT1948. Companies own staff is engaged for security. PLANT FINANCE EFFICIENCY 17 . food facility etc. The company is also obeying the rule of U. Their main functions are – • • • • • • • • Safety of employee and company` s property. At the time of any contingency.P state FACTORY ACT1950. Controlling and guarding the movement of guards at the gate.Every department in the company has been equipped with fire extinguishers and first aid boxes. Its aim to make safety and health working condition to the employees in the organization.

O(Purchase order ) Materials Factory Stores PLANT ACCOUNTING G.R.N(Goods Receipts Note) Quality Assurance Department Plant Finance 18 .Budgeting Planning Schedule Production/ Procurement (purchase) Request for Quotations Quotations P.

PLANT mean a unit that is established in ALIGARH for manufacturing purpose. firm. and other association of persons and institutions in a certain prescribed rules and regulations on the basis of some definite system for fulfillment of certain objects. classifying and summarizing in a significant manner and in terms of money. According to American Institute of Certified Public Accountants ( AICPA). company. corporation. PLANT ACCOUNTING is recording of information in monetary terms. in a manufacturing unit that is established in ALIGARH. In simple Accounting is Book-keeping. transactions and events which are of a financial character and interpreting the results thereof. 19 .:-Accounting is the art of recording . Firstly. Book-keeping is art as well as science of recording business transactions of an individual.PLANT ACOUNTING Plant Accounting comprises two words that is PLANT and ACCOUNTING. PLAN have so many meanings but here. In simple.

To satisfy the taxation authorities. To make estimates for future. To the case of the companies to comply the provisions of the Companies Act. To know about the errors and frauds of employee. To know the assets and liabilities of the Business at a particular date. To know about the progress or downfall of Business. 1956 as under this Act it is compulsory for the companies to maintain accounting record. To know the position of cash. 5. 2-Other objects:• • • • • • • To know about the position of goods.OBJECTS OF PLANT ACCOUNTING 1-Main objects are:• • • • • To know profit or loss of Business for a certain period. To know as to what amount is to be paid to a particular person or what amount is to be received from a certain person on a particular date. To know the requirements of business at a particular time.Analysis & Interpretation 20 . To have detailed information about capital employed in the business.

Analysis & Interpretation 21 . Journal or its Subsidiary Books Purchase Book Sales Book Purchase Return Book Sale Return Book Bills Receivable book Bills Payable Book Cash Book Journal book 2. Final Accounts Manufacturing Account Trading Account Profit & Loss Account Balance sheet 5. Classification (Ledger) 3.ACCOUNTING PROCESS AT A GLANCE Transactions 1. Trial Balance 4.

USERS OF PLANT ACCOUNTING INFORMATION Following chart indicates various types of users of Plant Accounting Information that utilize information in best manner:- USERS OF PLANT ACCOUNTING INFORMATION Internal user’s External users Proprietor Management Employees Investors Creditors Government Consumers Foreigners Research Scholars Other Persons 22 .

J. 23 . Officers To Comply Legal Requirements To Assist Management To Protect Assets To Depict True And Fair Position        PLANT ACCOUNTING is a Book keeping. Ltd. i.e. Record of a Unit which is established in Aligarh and It is Heinz Pvt.Heinz. It is FMCG Company and the owner of this company is H.FUNCTIONS OF PLANT ACCOUNTING Following functions are given below: To Record Business Transactions To Indicate Earning Capacity And Financial Position To Satisfy Govt.

FLOW CHART Planning Purchase Department Request for Quotation Purchase order Quotation Screening Material Received Quotation Finalization Checking by FSU Factory Store GRN in SAP by 103 movement GAN by Quality Assurance Department Material Passed / Approved Issue to Production Invoice Finance Department Bill Process and Others Payment to Vendor 24 .

It forecast quantity of production in terms of item. Sales Budget: .PLANNING DEPARTMENT Planning & Control has become the primary function of management these days. areas etc. 2.  Planning is a main department of any organization.  Planning is decided the future needs and demand. Purchase be purchased. money-wise & period-wise information about the materials to 25 . items.The budget is based on sales budget. make budget. 1. needs and demand company purchase raw material. Production Budget: . 3.  After that they make a budget.The budget forecasts the quantity & value of purchase required for production. Budget: . periods. It gives quantity-wise.The budget provides a guidance regarding the amount of capital that may required for procurement of capital assets during the budget period.  According to future plan. Capital Expenditure Budget: . Most of the planning relate to individual proposals According to this production required raw materials purchase with this following procedure: Make a list for required raw material with the help of indent. Check with shortage department. estimate required fund. values. periods. 4.The budget of forecast total sales in terms of quantity.  Make target according demand of product in market the manager select the target. areas etc.

 In all the condition if the company bearing loss.  If the target is not accurate like demand is more and supply is less than that’s create a problem and company going in loss. 5. 6.  Less coordination with other department.5. According to step by step they make a budget and make whole things and procedure in advance . Purchase requisition should be clear Required product name Product quantity Product quality Time Terms & Conditions  And send it in purchase department Problem in Planning and Control Department: If the estimated product is more than requirement than they create a problem. 2.The budget is a forecast of cash position by time period for a specific duration of time. Than they are not fulfill all payments or time and property.  If planning is not accurate about purchase of raw material.If any disturbances that create a problem. Cash Budget: .It is a slip which contains required material list with other specification ---1. 26 . required time limit. forecasting etc. Purchase Requisition: .  If any wrong details about payment procedure that create a delay in payment at a time. 4. 3. It states the estimation amount of cash payment receipt and the estimation of cash payment and the likely balance of cash in hand at the end of different period.  And make final purchase requisition.  No accurate/proper idea about inventory material in factory store.

D not present than delay in signing.O. Misplacing in sending to planning department 27 .D of concern department it complete.D send to engineering on behalf of the indent slip. PROBLEMS IN PURCHASE DEPARTMENT:• • • • • Standard may be incorrect and wrong. It the required material is not available in stores then they purchase department prepare indent Firstly we have to understand what is indent.O. PR.O. PURCHASE REQUISITION After issued the indent slip user send the indent in store and storehouse workers check the requirement of the user and issue the purchase requisition. PO After planning in planning department purchase department’s duties and responsibility arise means purchase department forecast the demand of FMCG product and they check that material is available in stores or not .PREPARATION OF INDENT. If H. Misprinting. INDENT It is a slip. Indent signed by H. Writing problem.If the requirement of goods is available in stores so they can received goods from factory stores. which contains the required material with standard quality and quantity and time and make after singing of H.

PR .FLOW IN –INDENT. PO USER INDENT STORES PLANNING DEPARTME NT PURCHASE REQUSITION PURCHASE DEPARTMENT REQUEST FOR PROPOSAL VENDOR 1 VENDOR 2 VENDOR 3 28 .

“It is a Document which is made by purchase department and sends to selected vendor or vendors”. This is making for vendor’s quotation and this is a pre stage for making purchase order. » Then purchase department make a purchase order.PURCHASE ORDER Purchase department raised a purchase order (P. » Purchase department get quotation and then select it in following way» Purchase department may be negotiating with vendors on the basis of quotations.Request for proposal is a slip which contains information about material quantity and required time for product.O.4Parties ). It contains – * Purchase order no * Vendor’s full name and address * Delivery address * Delivery time * Terms and conditions 29 . » When the vendor receipts this request for proposal than they send quotation . (3. » This request for proposal sends to specific vendors.) when they accept or get purchase requisition that they make a request for proposal Request for proposal: . Quotation:-Quotation is a type or rate list of required material and make by the vendor’s according to standards of required material.

A.P.* Standards * Product quantity * Product quality * Specified time * Product rate * Tax code/ rate * Made of payment * Payment credit period * Payment place * Transportation name and address * And many other information » All the fields are properly checked by purchase department and send to vendors by post. » Purchase department make its entry in S. system of Heinz India Private Limited. 30 .

TERMS AND CONDITIONS FOR PURCHASE ORDER 1. 2. Materials received after the physical verification will be further subjected to Quality Inspection and the rejects on this account along with that rejected online while on packing will be intimated to the vendor for replacement or cost debited to the vendors account depending on the quantity of rejection. INSPECTION & REJECTION: The goods shall be in accordance with the sample and/or satisfy our specifications fully. For Raw and Packing Materials. 31 . Printing Cylinder Development. the rejected materials will lie entirely at supplier's risk and responsibility. tolerance is ± 5%. The supplier will have to make its own arrangements to remove the rejected materials at its own expense either from the buyer's factory or from any other place of storage. QUANTITY: The supplier will be responsible for any shortage / pilferage / leakage at any point / time prior to receipt of goods by the buyer. etc# 3. The supply quantities shall be strictly within the tolerance allowed and any quantity beyond this limit will not be accepted. Replacement of such defective goods shall be dispatched with in 48 hours from the receipt of information of rejection. and all goods rejected for inferior quality and/or failure to satisfy our specifications / samples / drawings will be returned at the supplier's expense. without approval from Purchase Department. For other materials tolerance is 2%. QUALITY. Die & mould making. Prior approvals has to be taken in case of developmental works before commercial supply such as in Printing Plates making. Till they are not removed. All goods delivered are subject to our inspection and approval before acceptance.

quantity. If the reasons are found to be acceptable. DOCUMENTATION: Along with the consignment to the destination:a) Duplicate copy of the Excise Commercial Invoice / Gate pass cum Invoice depending on applicability of Excise Duty (Original invoice must be sent to person raising purchase order) b) Original copy of Challan mentioning the item. the consignment is liable for rejection. DELIVERY: In the event of delivery not being effected by due date mentioned in this order. extension of delivery time will be granted.B deliveries the vendor will be responsible for transit worthy packaging of goods to eliminate any chance of pilferages 5. PACKING: i. If the consignment cannot be delivered within the delivery date mentioned in this order. c) Certificate of Analysis is a must along with the consignment for the applicable material without which. 6. rate and Purchase Order no.5% per week on the total value of the ordered items. 32 . The buyer also reserves the right to make alternate sourcing and the cost differential. otherwise we will make alternate sourcing arrangement. The net weight/length/numbers and batch number/item name should be marked clearly and conspicuously on each container / package iii. In case of Ex-Godown / F. along with the additional transportation costs will be debited to the vendor's account.O. the buyer shall have the rights to impose a penalty & 0.4. if any. ii. the vendor can inform the buyer in writing 15 days in advance of the scheduled delivery date quoting reasons for such delays. Goods must be securely packed to withstand all hazards up to the destination. Buyer has the right to refuse acceptance of the material in case of delayed delivery.

d) RR/AWB. duties etc. e) Duplicate copy of the Road permit / Waybill duly endorsed by the sales tax authorities at the check post. STATUTORY & LEGALITY: Whenever the prices charged by you includes excise duties whether or not shown separately in the invoice you shall furnish a Gate Pass clearance invoice in support of such payment of any other permitted document in accordance with the excise law to enable us to claim set off of such amount under the Modvat CENVAT scheme wherever available or failure to furnish such document will entitle us to deduct the appropriate excise duty amount from your payment. In the event of your subsequently . 8. JURISDICTION: Any dispute arising out of this contract shall be subject to the Jurisdiction of courts having jurisdiction over the area where the buyer's registered office is situated. where ever road permits / waybills are applicable f) The equipments and spares are to be guaranteed / waranteed for the maximum period from the date or receipt and shall be replaced along with replacement cost in case of premature failure within the warrantee/guarantee period. 10.LR in case of Domestic vendors clearly mentioning the consignee / destination and the company name. SECURITY: All designs / drawings / patterns / artworks etc provided by the buyer will remain sole property of the buyer and shall be maintained securely by the vendor and shall not be used for any other purpose than authorized by the buyer. 7. PENDING ORDERS: 33 . 9. concerned tax authorities for any reason whatsoever. These are to be returned to the vendor immediately on completion of the work without tampering. The materials to be supplied under this purchase order shall comply with all the local legislation and regulations. you shall be liable to forthwith refund to us such amount of refund without our having to make any claim on you in this behalf.obtaining a refund of the whole or any part of such taxes.

machines. » Maintaining account for incoming and outgoing materials. Its functions are as follows: » Cleaning the production units. which are mainly the food products.S. » Pests control and infestation control. has F. » To provide fumigation to the raw material and packed Products.U. » Maintaining temperature for different goods. The Co. which mainly looks after the hygiene delivery of goods INTO the factory is located. Godown and Other places in the factory.U (Factory Service Units):ALL MATERIALS Factory EXAMINATION FACTORY SERVICE UNIT (FSU) NON INFESTED INFESTED CHAMBER INSIDE FACTORY NON INFESTED Heinz has a wide range of products.. Separate challans / invoices should be prepared for separate pending orders. ROLE OF FSU F.Delivery challans/ invoices should be raised as per pending orders. 34 .S.

» Examination of every material Truck or Vehicles carrying material is conducted by FSU according standard parameters to curb infestation. • If the product is up to mark with required quality than that check and give the code is -105. • Any rejection in quality assured product is going on vendor and given code is 122. QUALITY ASSURANCE DEPARTMENT:• It is a quality assurance department that checks specified quality of product. Material Factory receive note 103 Goods Received Acceptance Note 105 Finance 35 . • Goods are accepted after only checking the of quality department. » chamber is a place where infested material is made disinfested. • And if reject than given code is 124 and product is returned back to vendor.

then the quality assurance department will prepare GAN . HEINZ INDIA PRIVATE LIMITED is committed to: • Procurement . Development . • Establishing and Maintaining appropriate operating and monitoring procedure necessary for controlled production and every person is responsible for product integrity and safe guarding quality environment competent to carry out his responsibilities. • Achieving high safety. occupation health and environment standards establishing internal review procedures to ensure compliance of applicable laws and regulation. 36 . Check invoice for quality department and factory receive note. so as to ensure that customers confidence is generated and maintained consistency. if the bulk quantity is according to specimen and the term and condition. production and Marketing of safe clean wholesome foods of high quality . ROLE OF QUALITY ASSURANCE DEPARTMENT When the material enter in the company firstly cleaned in FSU and then match the sample with bulk quantity by the Q/A department. Its main functions are: - • Maintenance of quality assurance department and lab equipments. After that information record is in Factory stores. keeping focus on needs of customer by establishing and maintaining proper facilities necessary for controlled production consistency in a sanitary manner .

is infested or not an issue White /Red /Green slips.• To conduct quality test of raw material and Packaging materials. Goods Carrier Note In Factory Stores material is unloaded in designated place /Godown : 37  .It shows the clearance of material from PCI.  PCI (Pest Control India) check the material to find out the consignment. Material is fumigated in quartine chamber . PROCESS OF WORKING IN FACTORY STORE OF HEINZ INDIA PRIVATE LIMITED  Firstly Factory Store receives the material from the Gali house and match the material from Purchase order. This slip is given when material is returned to the supplier due to  Now material reach to the factory store & factory store check all the document  As :    Excise Invoice. if infested : - WHITE SLIP. Form 38/ Form C & any Laves Form. GREEN SLIP: infestation.

the amount of rejected material is adjusted in other Acceptance Note) and make the entry of this in SAP and give a code to this entry in  consignment or makes Credit Note for supplier. For Self.  In case of General Consummerable Goods.  According to the nature of the material.quality Assurance Department having a right to reject this and make the entry of rejection in SAP & give a code to this entry in124 movement.  If the quality of material is not according to our standard . For supplier. In case of rejection. they make GAN (Goods  Factory stores . According to the quality of the material. 38 .e. Quality Assurance Department does not check the goods i. after checking & receiving the material by If the material is according to our standard. it is directly sent to the supplier. Quality Assurance Department check the quality of the material :  105.  Factory stores make the GRN for :   Raw Material & Packaging material. Factory stores make GRN ( Goods Received Note ) and make the entry in SAP software and give a code to this entry in 103 movement.  Factory Store checks the material `s quality at the time of receiving of Goods.. If material`s quality is according to the purchase order and everything is ok . General Consummerable goods. In case of Raw & Packaging material . Factory store make 3 copies of GRN :    For Purchase department.

note is written on delivery  challen of the supplier and company is obtained a damage / shortage certificate from the transports / driver of the truck.It is note which is made for supplier to return the amount and in case of excess of material. Any damage / Shortage is recorded in consignment. Material in excess of the capacity is returned to the supplier / has to be seggrated  for fault are diverted to the city / Godown. which material is come first in stores. make the Material Requisition Slip and send to the factory stores.. is issued first.  If the material and other inventories send to other heads / dep. In case of damage / Shortage. For Factory Stores. For Purchase Dep. When it is not finished. If the material is returned to the supplier . company`s planning & stock control Department is  informed for the insurance survey before making GRN. from factory stores . In this condition supplier is Creditor of the company. other purchased material cannot issue.  and make 4 copies of this:       HEINZ INDIA PRIVATE LIMITED use FIFO (first in first out) method of pricing of material i. company make the Material return report For supplier. Foreman of dep.CREDIT NOTE: . 39 . For Account Dep. does all the transaction in MIGO.e.  HEINZ INDIA` s store Dep.

PROBLEM IN FACTORY STORES          Material comes according to lot size. Expenditure control procedure. Factory manager having limit but increase its limit size. Improve the system efficiency of this system. Misprinting problem. Order quantities do not match with purchase order. Data is not entering at the time of receiving of material. 40 . Tax code problem. Typing Problem. Connectivity Problem. Make entry at the time of receiving. SUGGESTION FOR FACTORY STORES     Material purchase after making Purchase order. Vendor name is misprint and unclear.

A. (System. Warning system.P. Online. 2. Its monitored and controlled by head quarter in Mumbai.A. The company used its 40B version. 3. was developed I 2000 in Heinz India Private Limited. 4.P. Aligarh. Easy track of all locations Losing paper work.P. name S.P. analysis and process). S.A. 6. The company used very advance. 1. Company makes accountability and responsibility and employees do their work very quickly. It is based on standard costing. All the clerical work done through S. Easily handle. 41 .P.A.. 5. The using S. Application software. Fast service. SYSTEM ANALYSIS AND PROCESS (SAP) Heinz India Private Limited is a full computerized company.A. Advantage of S.

Aligarh... Visibility. It is monitored and controlled by head quarter in Mumbai. Example of SAP Entry: Material Eng. 8. while Heinz India Private Limited is full-computerized company and it use SAP as recoding tool for all the information and data with specified SAP number. SAP as Recording Tool in the Company System Analysis and Process (SAP) is ERP software package. Stores Q. Full data available. 42 . SAP was developed in 2000 in Heinz India Private Limited. Nothing is deleting only edit. The Company used its 40B version.7. verification User Department Finance Department Goods Receivable Note (GRN) Goods Acceptance Note (GAN) Rejected Goods/Material SAP Entry 103 105 124 103: Material supplies by vendor to company is check for the quantity at the time of receiving of goods by stores department and makes goods receivable note (GRN) and make an entry in SAP system of the received material / assets and it provided a code in SAP as 103. 9.

The Excise Credit also provided to the goods/material in SAP with 105 at the time of making GRN. Final Stage (Ready to Use) Cr.g. • WIP → Dr. Turbine) → Note:-In SAP System the entry pattern of accounting is done with the symbol of Negative (− and ) positive (+) for credit and debit respectively. Cr. ENTRY PATTERN OF ACCOUNTS IN THE COMPANY All the entries of accounts of the company are processed through MIRO. Dr. department to check the quality of received goods according to the standard of the company and then makes a goods acceptance note (GAN) and makes an entry in SAP with code 105 and Rejected goods which has not standard quality has coded in SAP with 124. it defined as follows:Credit (Cr. Dr. Cr.105: After receiving the material it provided to Q. → → → Dr. • Assets (e.) → (− ) 43 . MIRO is a transaction by which all the entries are to be made in the SAP. Transaction Pattern in MIRO is as follows: User/Engineering Department • WIP (work in progress) • GR/IR • Basic Excise Duty • Aligarh Cenvat Clearing ↓ Finance Department • GR/IR • Aligarh Cenvat Clearing • Vendor ↓ → → → → Dr. Cr.A.

Debit (Dr. or der In voice C re ation of se rvice specifications S ou rce determ ination V e ndor selec tion B id invitation process (iss ue o R FQ s f ) E nter/com pare quotation s ? = Invoice verifica tion S ervic e acceptance E ntry of services pe rform ed P urchas e orde r m onitoring P urc hase order © SA P AG 1999 44 .) → (+) S tep s in th e P rocurem ent o f E xtern al S ervices D e term ination ofre quire m e nts Kar l E instein D ate U ser depa rtm e nt P M P lant M aintena nce P S P roje ct S ys te m S M S ervice M anage m ent R FQ B an k tran sfe r 9.50 0 P a ym ent Pu r.

O.PAYMENT SYSTEM OR PROCEDURE CONCERN DEPARTMENT PLANNING AND CONTROL DEPARTMENT PURCHASING REQUISITION PURCHASING DEPARTMENT REQUEST FOR PROPOSAL VENDORS VENDOR MATERIA L FACTORY STORE Q/A DEPARTMENT 103 105 QUOTATION S PURCHAS E ORDER INVOICE FINANCE DEPARTMEN T BANK PAYMEN T CASH CHEQU eEE B.E RTGS/N EFT RTGS 45 .

Purchase manager select any quotation. of the same concern department and after accepting and signing by H. Purchase requisitation goes to send purchase department. machine part etc. rate and time limit and also includes all taxes and extra charges of transportation. What is the difference in product with other? And after whole comparison he/she selects the quotation. the vendor sends the quotation – in quotation clearly mention the rates of every product with standard are present they also include tax rate and transportation rates of product. LTD Firstly the direct user of product. Purchase order is a slip.O. 46 . Planning department check the material in store and estimate the future requirement of product. which is suitable as rate and standard by comparing in all quotation. After that this indent goes to H.Makes an indent slips for requirement of product with full description of quality. He/she may be negotiating on this rate list with vendors.D.D. Purchase department make a request for proposal and send to all different and specific vendor for quotation. He/she send a chalaan list with purchase4 order to wards vendor. According to company demand of product.O. which contains the whole description about quality. If margin of rates is hedge in vendor’s quotation than purchase manager ask to vendor for this difference.PAYMENT PROCEDURE IN HEINZ INDIA PVT. this slip goes to planning department. quantity. quantity and standards. Make a purchase requisitation in which whole description of required product is present with stander quantity and specifically mention time limit. He/she may be select 2 or 3 quotation with small quantity and part purchase of product and finally make a purchase order.

Vendor supplies goods towards a delivery place. Aligarh used a new technique of payment is electronic fund transfer or retail time gross settlement. which is done by purchase department. Department Goods acceptance notes 105 Finance department After that finance department manager/ person checks all entry.  If the product is according to our standards than they make a goods acceptance notes (CAN) and make this entry in Heinz India Private Limited SAP system and gave a code is 105. quality of product. factory store and quality assurance department with invoice. If all are correct and right then they clear bill for payment with the help of different modes and ways basically all raw material purchase by bill of exchange and other payment is done by cheque. Finance manager check all details tax and code. In Heinz India Private Limited. quality department check the  a right to reject and on acceptance of that goods and make a reject material entry in SAP system with the code of 124 Material Factory Store Goods receivable notes 103 Q. Firstly goods check the product quantity at a time of receiving or goods and make goods receivable notes (GRM) and make an entry in SAP system of the product and gave a code to this entry is 103. If the material is not up to mark of our standards than quality department having ■ : After checking and receiving of material /goods by factory store. A. 47 .

00.000 Upto Rs.000 Upto Rs.00. 50.00.5000/. 5.000 Upto Rs. Payment of cash for services received should preferably be avoided. 25.00. 3.00. 5. Payment for services should be made by cheque only against original bill/ invoice / cash memo and supported by purchase order. • The limits for authorization of purchase order of services areBranches Over Rs.00.000 Upto Rs.000 Upto Rs.00.50. 5.00. repair & maintenance. 10.000 Upto Rs.SERVICE BILLS • • • • • • Service expenses will include expenditure on freight . professional fees.or more.00.should be signed by the functional head and the Managing Director.50. 1. 7.000 Upto Rs. 5.000/. courier charges etc. Any exceptions should be approved by the Vice President Finance and CFO. warehouse/ office rent.000 Management Level Managing Director Vice President/ Director Vice President General Manager Grade I Grade II Grade III Grade IV 48 .000 Upto Rs. co-packer charges. 5. 5. Purchase of all services should be done from approved vendors and routed through the purchase department. 10.000 Upto Rs.000 Upto Rs. A purchase order should be raised for services of value Rs.00.000 Upto Rs. 1.10.000 Upto Rs. Service Agreement/ Contracts whose total value exceeds Rs.000 HO & Factory Over Rs.00.

11.000 advances payment. Grade 1 9. 000 Every quarter end list of pending advance should be prepared by the finance department and circulated at their respective location. Managing director authority for over 50. 49 .00.with authority of planning manager and general manager. Spare etc .000 up to 50.ADVANCE PAYMENT • Fuel.00. Sugar capital machinery.00.The advance payment request prepared by the procurement Department Should be signed by General Manager-Supply . 3.00. Management level 4.000 upto10. MD 5.00. All such advance should ideally be adjusted in the same month in which they are should preferably be approved by the finance controller.000 up to 5. Generalmanager 8. Chain and financial controller besides authorized by appropriate levels of management as per applicable limits. Advance payment for availing cash discounting on purchases of coded raw and packing material and service should be paid as per instruction of procurement department .000 up to 25. The concerned department should take appropriate follow –up action to settle the advance amount. Vice president/Director 6. authority limit over 50. 2. No fresh advance should be given to the same vendor until previous advances have been settled and accounted for any acceptations solved by Financial Manager and Directors. 00. 10. Vice president 7. 1.

Coded itmes include all items other than ingredients and packaging materials 50 .50.12.000 7.00. The authority limits for approval of purchase order is given below :Management level Coded item M. Coded items include all ingredients.50. Non.00.000 over 30 lakh 30 lakh 30 lakh over Rs.D. Packing materials. 50.000 Affiliate Purchase over 5.000 Affiliate purchase include finished product purchased for high sea sales.00.30. Director Vice president General president Grade 1 Grade II Grade III UP to 30 lakh 30 lakh 30 lakh 30 lakh 7.000 5 lakh 5 lakh 1 lakh 50 thousands. non-coded 5 lakh 5 lakh 30 lakh 15 lakh 7. Intermediate products and fuels.000 5.

CONSEQUENCE OF DELAY IN PAYMENT • Less trust of vendors • Stop production • Delay in supply product • Take more cost • Old and good vendor do not want to retain a business relations • Less in good will in market • Mostly work done on goodwill o Advanced payment o Credit product o Any mishappening o Good relation o Negotiation in price of production o Profit making effect • Vendors do not want to supply product they want advance payment 51 .

• Individually and properly check all the entry by finance manager in detail before clearing a payment. • If the payment amount is less than purchase order amount than finance manager for payment of this invoice. by purchase department factory store and quality assurance department • • Match with invoice which given by vendor with goods Check details like tax code. vendor name delivery address. originality of invoice.. INVOICE: 52 .P. date. address. • And if the invoice payment amount is more than purchase order amount than finance manager does not allow for payment of this invoice. purchase order no.• Money block in advance payment • More working capital requirement • May be delay in payment and delay in supply and goods and this stage production will be stopped.A. if they require material is not present POINTS RELATED WITH PAYMENT SYSTEM • Check the entry in S.

i. Specified product name. g. PROBLEM IN INVOICE FOR DELAY IN PAYMENT • If invoice is not original. Purchase date d. Its characteristic are 1. b. Vendor Name f. All the entry is correct and clearly mention. j. Company name.It is a legal document for any company. Purchase order no. Delivery place. Transportation name and address h. Delivery date c. And other terms and condition 4. It is a slip which contains the const/ rate invoice is a type of bill and send by the vendor/ supplier. Rate e. photocopy or duplicate • If not having any one of them element which is shown above. It is important for payment and other work. • If payment rate is more than purchase order rate 53 . It should be original 2. Send by the vendor when they place goods 3. Include all taxes k. It should having proper elements a.

• If having any incorrect entry DEPARTMENT RELATED WITH PAYMENT SYSTEM Engineering/ User Department ↓ Planning Department ↓ Purchase Department 54 .

20000/-. 55 .↓ Factory Store ↓ Quality Verification Department ↓ Finance Department ↓ Payment MODE OF PAYMENTS • After verify the invoice /bill the finance manger has right to make payment with different mode of payment. • According to Income Tax Act under section 40(a) (3) the payment through the cash of not more than Rs. generally payment through at PAR Cheque.

Cash payment is avoided in Heinz But still used @2% o In less amount o Urgent payment  Cheque: 56 .PAYMENT Traditional Modern CASH CHEQUE B.O. NEFT RTGS  Cash: • • • Cash payment means direct payment in monitory terms.E.

or the holder or the banker 57 .• • Cheque is a bill of exchange drawn on a specified banker and payable on demand (see 6 of negotiable instrument) It is species of a bill of exchange with two additional qualifications o It is always drawn on a specified banker o It is always payable on demand • • • 90% payment is done by Cheque in Heinz India Private Limited (Aligarh unit) Crossing of Cheque: When a Cheque bears across its face two parallel transverse line. special or restricted In case of not negotiable crossing the title of the transferee can be better than of transferor • A cheque may be crossed by the drawer. the Cheque is said to be crossed • • • The payment of a crossed Cheque can be obtained only through another banker The crossing may be general.

 Bill of Exchange:
A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to order of a certain person or to the bearer of the instrument (Section 5 of negotiable instrument). Parties to a bill: There are three parties to a bill of exchange 1.Drawer 2.Drawee 3.Payee

Drawer: A person who gives the order to pay or who makes the bill is called the drawer.

• • • •

Drawee: The person who directed to pay is called the drawee. Acceptor: When the drawee accepts the bill, he is called acceptor Payee: the person to wqhom the payment is to be made is called the payee Bearer: When the payee name is in a bill is a fictitious or non existing person, the bill is treated as a payable to bearer

In some cases, the drawer and the payee, or when a principal draws and the drawee may be one and the person.

• • •

The drawer of the payee who is in possession of the bill is called the holder. The holder must present the bill to the drawee for his acceptance. Indorser: When the holder indorses the bill, note or cheque to another he is called the indorser.

Indorsee: The person to whom the bill note of cheque is indorsed is called indorse 58

Essential element: o It must be in writing o It must contain an order to pay o It must be unconditional o It requires three parties - drawee, drawee, payee o It must be signed by the drawer o The sum payable must certain o It must contain an order to pay money o The formalities relating to number date place and consideration, through usually found in bills are not essential in law

A bill as originally drawn cannot be made payable to bearer on demand.

• Normal format of bill of exchange.

Rs 5,000

Bombay June 10/2007

Three months after date pay to Ram or order the sum of five thousand rupee, for value received To Sham 235, Subash Stamp Delhi -110006
 . EFT(Electronic fund Transfer):

Accepted Sham

59

It is a modern technique by which money send one bank to another bank with the help of internet in a short period of time.     This technique is implemented by Heinz India PVT.LTD. It is a easy and secured way of transferring money. Less time consuming. In this way we send the information of payment to bank and bank transfer the money in vendor’s account directly.

RTGS(REAL TIME GROSS SETTLEMENT)
• It is same like EFT but having a small difference is that – it is used when the company’s bank and vendor’s bank both are different ,then a reputed bank make as a mediator in between two bank and help in transferring money this process is called RTGS. • Company make payment all over India by the help of this new technology.

REPORT FOR CONTROL

Cash report, providing a comparison of actual developments with forecasts figure; are helpful in controlling and revision of cash forecast on a continue basis. Several types of cash report may be prepared. The importance ones are:  Daily Cash Report: The daily cash report shows the opening balance, receipts, payment and the closing balance on a daily basis.

 Daily Treasure Report:
60

 Monthly Cash Report: This report has shown the actual cash receipts and payment on a monthly basis. This helps in consolidating funds at the head office.  Control of Payables: By a proper control of payables a firm can conserve its cash recourses.An amplification of the daily cash report. Payables and their disbursement may be centralized. marketing file securities debtors and creditors.  Arrangements may be made with suppliers to set due dates of their bills to match with the company’s period of peak receipt. reducing productive bank balance at the regional office and investing fund more effectively.  Monitoring Collection and Receivable: To enhance the efficiency of cash management. Hence the trading or transaction cost will 61 . the daily treasury provides a comprehensive picture of changes in cash. This involves the following— Payment should be made only as and hence they fall due.    Optimal Cash Balance: If a firm maintains small cash balance. The actual are compared with budget figures and variance is calculated. By preparing and sending the bill promptly a firm can ensure easier remittance. it has to sale its marketable securities more frequently than if it holds a large cash balance. collection and disbursements must be properly monitored.  Promoting Billing: Often there is time lag between the dispatch of goods and provisions of service and the sending of bills.

ii. These funds may be deployed in variety of ways. at the other end of the spectrum is the investment in equity shares. we find out various reasons for delay in payment – i.  Option For Investing Surplus Funds: A company often has surplus funds for short periods of time before they are required for capital expenditure.  Cash management In The Company: This Company follows the centralized management of cash. REASONS FOR DELAY IN PAYMENT After analysis of plant accounting. virtually a risk free investment. vi. At one end of the spectrum is the term deposit in a bank. which can produce highly volatile returns. repayment. v. at the other end of the bank. iii. lone. the opportunity costs balance increases.trend to diminish if the cost balance becomes large. iv. Every document relating to the payment of cash needs the official authorization of the account executives. However. Absentism of employees Holidays Supplied goods are not approved by the quality assurance department at a right time System failure Supplier does not give proper document Sudden increase in the price of material during the course of transaction During the period of account closing 62 . vii. or some other purpose. virtually a risk free investment.

4. xi.viii. 5. Assign another employee during the absenteeism of a regular employee. xii. Minimize the account closing period. Conducting the special seminar for main supplier. Train employee relating to payment system. 2. delivery in purchase order and in invoice. Minimize the paper work. xiii. which are having goodwill in the market. 3. 6. ix. Company should laid such a policy strictly which ensure the payment on due date. Maintain the adequate cash balance. 8. Instructing the suppliers for sending the proper document while placing the order. 63 . Laying at flexible policies according to the market condition. RECOMMENDATIONS 1. 7. Choosing suppliers. 10. 9. x. Non availability of adequate cash Work load Shortage of staff Misprinting and typing problem Non-following of the payment procedure Wrong entry in tax code.

11. 13. Company gets more quotations and having different rates for more choice for selection to select a perfect quotation. payment of taxes. Better coordination among the entire department related to payment system. 15. 16. 18. 21. Department is better coordinated with each other. I have observed that the company (Heinz) effectively utilized the fund efficient operations of manufacturing that include all commercial activities like purchase of raw material. 20. Company should launch the internal website for its Indian branch which should include detailed information about Aligarh branch as well as other production unit. I have thoroughly examined all the aspects regarding payment system and have drawn following conclusion: 1. Request for proposal is on web page of Heinz India Private Limited. Try to modify the software. production etc. 64 . It has solid financial position. 19. Product sale is also handover in Aligarh unit may be the use of on line trading and traditionally. Electronic fund transfer does payment and real time gross statement than it should fast rather than cheque and bill of exchange and transportation cost will be reduced. salary. The company consists of latest technology to maintain best quality. CONCLUSION The Heinz India private limited is one of the leading food companies in the world. Company invest his extra money in stock exchange and other place as for their need and demand—short term as well as long term investment or complete payment on discount rate of bills. Everyone gets benefit to see and send its quotations. 14. Purchase order is send by the internet. 12. 17.

A. 3. is a very good software programme and it makes payment system very easy and save the time. 7. 6. 5. P. The company has kept proper book of accounts as required by law. S. Some time paper work makes a problem and it is also reasons for delay in payment. FORMAT OF INVOICE 65 . The company is maintained proper records showing full particulars.2. 4. Company gave full government tax and other duty with complete honesty. The entire employee related to payment system is well trained. including qualitative details and situation for fixed assets.

FORMAT OF MATERIAL IDENTIFICATION SLIP (for sampling) 66 .

ALIGARH M/s…………….XX Truck/Material Clearance Slip Heinz India From: PEST CONTROL UNIT.received from BIBLIOGRAPHY 67 ..Dispatched by Truck No……………………………………….by transporter M/s……………………………………….K Extraneous material…………………………… Transshipment Yes/No.. Has been checked and found O.White slip FS-F-XX Rev No. ALIGARH To : FACTORY STORES.…… ……………………………………………by Truck No……………………. Signature Date: Please note that material……………………………………..

Amount Dr.icai.in. 68 .co www.com • Other Web Sites: www.F.heinzindia.in www. • Accounting Standards (AS 6 and AS10) • Company Web sites: www. Amount Cr.gov.• Company Records & Manual. • Data from the Past Records of the Company.incometaxindia.heinz.org Date Particular L.

Cess A/c To PLA A/c (Being transfer the tax amount in their account) PLA A/c To Bank A/c (Being Total Dr. 505000.00 1613.00 Dr. 546612.00 806. Cess Payable A/c To S. 1091816.00 404000. Edu. Edu.00 41504. Dr. Edu. 41504.00 Dr.G.00 69 .00 Dr.00 505000.00 806. Dr.00 546612.00 108700.00 808.00 404.00 41504.00 404.00 Dr.E. Cess Payable A/c S. Dr.Cess A/c To GRIR A/c To CVAT A/c (Being Goods receive in factory) GRIR A/c CVAT A/c To Vender A/c (Being entry create liability of vender) Vender A/c To Bank A/c (Being payment to vender) Buyer A/c To F.00 546612.00 1613. Cess Payable A/c To BED A/c To Edu. 505000.00 808.00 Dr. 80696. 1091816.00 404000. Dr. Dr.00 41612. A/c To CVAT Payable A/c To Edu.00 Dr. Cess Payable A/c (Being goods sold to the buyer) Bank A/c To Buyer A/c (Being Amount received by buyer) CVAT Payable A/c Edu. Dr.00 1091816.00 41612. Cess A/c To S.08/05/08 08/05/08 23/5/08 15/05/05 15/05/08 1705/08 17/05/08 Inventory A/c BED A/c Education Cess A/c S.00 80696.

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