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

1

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

PAGE NO.
4 5

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

2

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

PAGE NO.

32 33

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

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

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

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

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

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

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

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

the planet and our Company." HEINZ INDIA BRANDS HEINZ KETCHUP  11 .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 .

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

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

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

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

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

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

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

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

Classification (Ledger) 3.ACCOUNTING PROCESS AT A GLANCE Transactions 1. Final Accounts Manufacturing Account Trading Account Profit & Loss Account Balance sheet 5. 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. Trial Balance 4. Analysis & Interpretation 21 .

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

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 .

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

 In all the condition if the company bearing loss.  If planning is not accurate about purchase of raw material. Than they are not fulfill all payments or time and property. 4.  Less coordination with other department.  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. 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.5. According to step by step they make a budget and make whole things and procedure in advance . 26 . required time limit.It is a slip which contains required material list with other specification ---1. 2. 6. Cash Budget: . 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. 3.The budget is a forecast of cash position by time period for a specific duration of time. Purchase Requisition: .If any disturbances that create a problem.  If any wrong details about payment procedure that create a delay in payment at a time.  No accurate/proper idea about inventory material in factory store. 5. forecasting etc.

Misplacing in sending to planning department 27 . If H.If the requirement of goods is available in stores so they can received goods from factory stores.PREPARATION OF INDENT. Misprinting. 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 . which contains the required material with standard quality and quantity and time and make after singing of H. INDENT It is a slip. It the required material is not available in stores then they purchase department prepare indent Firstly we have to understand what is indent. 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.D not present than delay in signing. PROBLEMS IN PURCHASE DEPARTMENT:• • • • • Standard may be incorrect and wrong. Writing problem. Indent signed by H.O.O.O.D send to engineering on behalf of the indent slip.D of concern department it complete. PR.

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

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

» Purchase department make its entry in S.* 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.A.P. system of Heinz India Private Limited. 30 .

INSPECTION & REJECTION: The goods shall be in accordance with the sample and/or satisfy our specifications fully. Replacement of such defective goods shall be dispatched with in 48 hours from the receipt of information of rejection. Prior approvals has to be taken in case of developmental works before commercial supply such as in Printing Plates making. etc# 3. QUANTITY: The supplier will be responsible for any shortage / pilferage / leakage at any point / time prior to receipt of goods by the buyer.TERMS AND CONDITIONS FOR PURCHASE ORDER 1. Printing Cylinder Development. Die & mould making. For other materials tolerance is 2%. without approval from Purchase Department. tolerance is ± 5%. All goods delivered are subject to our inspection and approval before acceptance. 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. QUALITY. the rejected materials will lie entirely at supplier's risk and responsibility. Till they are not removed. For Raw and Packing Materials. The supply quantities shall be strictly within the tolerance allowed and any quantity beyond this limit will not be accepted. 31 . and all goods rejected for inferior quality and/or failure to satisfy our specifications / samples / drawings will be returned at the supplier's expense. 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.

along with the additional transportation costs will be debited to the vendor's account. 32 . In case of Ex-Godown / F. 6. Buyer has the right to refuse acceptance of the material in case of delayed delivery. If the reasons are found to be acceptable. ii. Goods must be securely packed to withstand all hazards up to the destination. If the consignment cannot be delivered within the delivery date mentioned in this order. the vendor can inform the buyer in writing 15 days in advance of the scheduled delivery date quoting reasons for such delays.4.5% per week on the total value of the ordered items. quantity. The net weight/length/numbers and batch number/item name should be marked clearly and conspicuously on each container / package iii. otherwise we will make alternate sourcing arrangement. c) Certificate of Analysis is a must along with the consignment for the applicable material without which.B deliveries the vendor will be responsible for transit worthy packaging of goods to eliminate any chance of pilferages 5.O. PACKING: i. extension of delivery time will be granted. The buyer also reserves the right to make alternate sourcing and the cost differential. if any. DELIVERY: In the event of delivery not being effected by due date mentioned in this order. 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. rate and Purchase Order no. the buyer shall have the rights to impose a penalty & 0. the consignment is liable for rejection.

8. 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. 9. In the event of your subsequently . 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. The materials to be supplied under this purchase order shall comply with all the local legislation and regulations. concerned tax authorities for any reason whatsoever.LR in case of Domestic vendors clearly mentioning the consignee / destination and the company name. e) Duplicate copy of the Road permit / Waybill duly endorsed by the sales tax authorities at the check post. 10. These are to be returned to the vendor immediately on completion of the work without tampering. 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. duties etc.d) RR/AWB. 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.obtaining a refund of the whole or any part of such taxes. 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. PENDING ORDERS: 33 . 7.

machines. Separate challans / invoices should be prepared for separate pending orders. » Maintaining account for incoming and outgoing materials. Its functions are as follows: » Cleaning the production units. 34 . » To provide fumigation to the raw material and packed Products. which are mainly the food products.S. The Co. ROLE OF FSU F..Delivery challans/ invoices should be raised as per pending orders. Godown and Other places in the factory.S. » Maintaining temperature for different goods. has F. which mainly looks after the hygiene delivery of goods INTO the factory is located.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. » Pests control and infestation control.U.

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

Its main functions are: - • Maintenance of quality assurance department and lab equipments. if the bulk quantity is according to specimen and the term and condition. Check invoice for quality department and factory receive note. 36 . • Achieving high safety. • 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. HEINZ INDIA PRIVATE LIMITED is committed to: • Procurement . then the quality assurance department will prepare GAN . so as to ensure that customers confidence is generated and maintained consistency. occupation health and environment standards establishing internal review procedures to ensure compliance of applicable laws and regulation. 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. keeping focus on needs of customer by establishing and maintaining proper facilities necessary for controlled production consistency in a sanitary manner . After that information record is in Factory stores. Development .

GREEN SLIP: infestation. 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. if infested : - WHITE SLIP. Goods Carrier Note In Factory Stores material is unloaded in designated place /Godown : 37  . is infested or not an issue White /Red /Green slips.• To conduct quality test of raw material and Packaging materials.It shows the clearance of material from PCI. Material is fumigated in quartine chamber . 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.  PCI (Pest Control India) check the material to find out the consignment. Form 38/ Form C & any Laves Form.

e. 38 . For Self. For supplier. 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 stores make the GRN for :   Raw Material & Packaging material. In case of Raw & Packaging material . According to the quality of the material. General Consummerable goods.  If the quality of material is not according to our standard . Quality Assurance Department does not check the goods i. they make GAN (Goods  Factory stores . it is directly sent to the supplier. Factory store make 3 copies of GRN :    For Purchase department.. In case of rejection.  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 . after checking & receiving the material by If the material is according to our standard.  According to the nature of the material.  In case of General Consummerable Goods. 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. Quality Assurance Department check the quality of the material :  105.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.

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

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

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

Full data available. The Company used its 40B version. 42 . Aligarh.. 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. Example of SAP Entry: Material Eng.. Visibility. Stores Q. 8. It is monitored and controlled by head quarter in Mumbai.7. SAP as Recording Tool in the Company System Analysis and Process (SAP) is ERP software package. Nothing is deleting only edit. 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 was developed in 2000 in Heinz India Private Limited. 9.

Dr.105: After receiving the material it provided to Q. Cr. 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. • Assets (e.A. Cr. → → → Dr. The Excise Credit also provided to the goods/material in SAP with 105 at the time of making GRN.) → (− ) 43 . 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. MIRO is a transaction by which all the entries are to be made in the SAP. Turbine) → Note:-In SAP System the entry pattern of accounting is done with the symbol of Negative (− and ) positive (+) for credit and debit respectively. Dr. ENTRY PATTERN OF ACCOUNTS IN THE COMPANY All the entries of accounts of the company are processed through MIRO. it defined as follows:Credit (Cr.g. Final Stage (Ready to Use) Cr. • WIP → Dr.

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 .50 0 P a ym ent Pu r.) → (+) 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.

O.E RTGS/N EFT RTGS 45 .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.

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

Department Goods acceptance notes 105 Finance department After that finance department manager/ person checks all entry. Aligarh used a new technique of payment is electronic fund transfer or retail time gross settlement.  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. 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. factory store and quality assurance department with invoice. quality of product. 47 . In Heinz India Private Limited. 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.Vendor supplies goods towards a delivery place. Finance manager check all details tax and code. A. 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. 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. which is done by purchase department.

• The limits for authorization of purchase order of services areBranches Over Rs.00. 7. 5.000 Upto Rs. 5. repair & maintenance. courier charges etc.50. co-packer charges. Any exceptions should be approved by the Vice President Finance and CFO. 50.000 Upto Rs.50.000 Upto Rs.should be signed by the functional head and the Managing Director.000 Upto Rs. 10. 5. 10.00.00.or more. 5.00.00.000 Upto Rs.00. 1. 5.SERVICE BILLS • • • • • • Service expenses will include expenditure on freight . Payment of cash for services received should preferably be avoided. professional fees.000 HO & Factory Over Rs.5000/.10.000 Upto Rs.000 Upto Rs. 5.000 Upto Rs. A purchase order should be raised for services of value Rs. Payment for services should be made by cheque only against original bill/ invoice / cash memo and supported by purchase order.00.00.000 Management Level Managing Director Vice President/ Director Vice President General Manager Grade I Grade II Grade III Grade IV 48 . Service Agreement/ Contracts whose total value exceeds Rs.000 Upto Rs. Purchase of all services should be done from approved vendors and routed through the purchase department.000 Upto Rs. 25.00.000 Upto Rs. warehouse/ office rent.00. 3.00. 1.000/.000 Upto Rs.

000 Every quarter end list of pending advance should be prepared by the finance department and circulated at their respective location.000 up to 25. 3. Managing director authority for over 50.00. 10.000 up to 5. 11. Generalmanager 8. Vice president 7. Grade 1 9. MD 5. 2. The concerned department should take appropriate follow –up action to settle the advance amount.ADVANCE PAYMENT • Fuel. 49 . authority limit over 50.000 upto10. Management level 4. 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.000 advances payment. Sugar capital machinery. All such advance should ideally be adjusted in the same month in which they are should preferably be approved by the finance controller. 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 .00.00.000 up to 50. Vice president/Director 6.00.00. Spare etc . 1. 00.with authority of planning manager and general manager.The advance payment request prepared by the procurement Department Should be signed by General Manager-Supply .

12. 50.000 Affiliate purchase include finished product purchased for high sea sales.00.30.50. Intermediate products and fuels.50.000 7.000 5. Coded items include all ingredients. non-coded 5 lakh 5 lakh 30 lakh 15 lakh 7.000 5 lakh 5 lakh 1 lakh 50 thousands.000 Affiliate Purchase over 5. The authority limits for approval of purchase order is given below :Management level Coded item M.00. Director Vice president General president Grade 1 Grade II Grade III UP to 30 lakh 30 lakh 30 lakh 30 lakh 7.00.Coded itmes include all items other than ingredients and packaging materials 50 .D.000 over 30 lakh 30 lakh 30 lakh over Rs. Non. Packing materials.

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 .

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

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

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

↓ 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. 55 . 20000/-.

O. 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. NEFT RTGS  Cash: • • • Cash payment means direct payment in monitory terms.E.

or the holder or the banker 57 . 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. 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.• • 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.

 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

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

ii. vii. which can produce highly volatile returns. lone. iii. repayment. we find out various reasons for delay in payment – i.  Cash management In The Company: This Company follows the centralized management of cash. Every document relating to the payment of cash needs the official authorization of the account executives. the opportunity costs balance increases. or some other purpose. These funds may be deployed in variety of ways. at the other end of the spectrum is the investment in equity shares. REASONS FOR DELAY IN PAYMENT After analysis of plant accounting. 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 . v. virtually a risk free investment.  Option For Investing Surplus Funds: A company often has surplus funds for short periods of time before they are required for capital expenditure. vi.trend to diminish if the cost balance becomes large. At one end of the spectrum is the term deposit in a bank. iv. at the other end of the bank. However. virtually a risk free investment.

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

CONCLUSION The Heinz India private limited is one of the leading food companies in the world. 18. Better coordination among the entire department related to payment system. The company consists of latest technology to maintain best quality. Purchase order is send by the internet. payment of taxes.11. 17. production etc. Everyone gets benefit to see and send its quotations. 21. 64 . Request for proposal is on web page of Heinz India Private Limited. I have thoroughly examined all the aspects regarding payment system and have drawn following conclusion: 1. 20. 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. Company gets more quotations and having different rates for more choice for selection to select a perfect quotation. 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. Product sale is also handover in Aligarh unit may be the use of on line trading and traditionally. It has solid financial position. 12. 13. Department is better coordinated with each other. 19. Try to modify the software. 15. 16. salary. 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. Company should launch the internal website for its Indian branch which should include detailed information about Aligarh branch as well as other production unit. 14.

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

FORMAT OF MATERIAL IDENTIFICATION SLIP (for sampling) 66 .

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

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

00 41612. Dr. Dr. 505000. 41504.00 41504. Edu.00 546612. Edu.00 Dr.00 808. 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 Dr.E.00 Dr. Dr. Dr. 1091816. Cess Payable A/c 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 404000.00 Dr.00 41504. Cess Payable A/c To S. Dr.00 Dr.00 Dr. 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.00 806.00 806. Cess Payable A/c To BED A/c To Edu. 546612. 1091816.00 108700.00 505000. Edu. 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.00 1091816. Cess A/c To S.00 546612. 505000.00 1613. 80696.00 404.00 1613.00 404000.G.00 41612.00 69 . A/c To CVAT Payable A/c To Edu.00 404.00 808.00 80696.

Sign up to vote on this title
UsefulNot useful