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

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

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

000 employees worldwide and 11. at the office and “on-the-go”.S.HEINZ AT A GLANCE The H.J. Under the leadership of chairman. at restaurents. with 150 brands holding number-one and number-two positions across five continents and more than 50 countries. Infant/Nutrition.Heinz Company is one of the world’s leading marketers and producers of nutritious foods in three categories : • • • Ketchup and Sauces. the company continues to deliver on its tradition as the “ Pure Food Company”. and a market capitalization of approximately $15 billion. The company has a world-class portfolio of powerful brands. The company has more than 30. Heinz is most international U. President and CEO William R. showcased by Heinz Ketchup.S. taste and nutrition to people eating at home. The world’s Favourite Ketchup. Heinz provides superior quality. with more than $10 billion in global sales as of Fiscal 2009.000 employees in the U.-based food company. TOP 15 BRANDS 6 .Johnson. Meals and Snacks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 .

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

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 .

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

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

D of concern department it complete. If H.O. It the required material is not available in stores then they purchase department prepare indent Firstly we have to understand what is indent.O. Misplacing in sending to planning department 27 .D send to engineering on behalf of the indent slip.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.D not present than delay in signing. INDENT It is a slip.O. 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. PR. PROBLEMS IN PURCHASE DEPARTMENT:• • • • • Standard may be incorrect and wrong. Misprinting. Indent signed by H. 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. Writing problem.

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

This is making for vendor’s quotation and this is a pre stage for making purchase order. (3.4Parties ). “It is a Document which is made by purchase department and sends to selected vendor or vendors”.Request for proposal is a slip which contains information about material quantity and required time for product. Quotation:-Quotation is a type or rate list of required material and make by the vendor’s according to standards of required material. 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 .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.O.) when they accept or get purchase requisition that they make a request for proposal Request for proposal: . » Then purchase department make a purchase order. » This request for proposal sends to specific vendors.

P. system of Heinz India Private Limited.* 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.A. 30 .

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

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. In case of Ex-Godown / F. DELIVERY: In the event of delivery not being effected by due date mentioned in this order. along with the additional transportation costs will be debited to the vendor's account. quantity. extension of delivery time will be granted.O. PACKING: i. The buyer also reserves the right to make alternate sourcing and the cost differential. 32 . Buyer has the right to refuse acceptance of the material in case of delayed delivery. 6. the buyer shall have the rights to impose a penalty & 0. the vendor can inform the buyer in writing 15 days in advance of the scheduled delivery date quoting reasons for such delays.5% per week on the total value of the ordered items. If the reasons are found to be acceptable. 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. the consignment is liable for rejection. ii. 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. if any. The net weight/length/numbers and batch number/item name should be marked clearly and conspicuously on each container / package iii. rate and Purchase Order no.4.

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

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

• And if reject than given code is 124 and product is returned back to vendor. • Any rejection in quality assured product is going on vendor and given code is 122. » chamber is a place where infested material is made disinfested. Material Factory receive note 103 Goods Received Acceptance Note 105 Finance 35 . QUALITY ASSURANCE DEPARTMENT:• It is a quality assurance department that checks specified quality of product.» 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. • Goods are accepted after only checking the of quality department.

• 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. 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. 36 . • Achieving high safety. Check invoice for quality department and factory receive note. HEINZ INDIA PRIVATE LIMITED is committed to: • Procurement . 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. Its main functions are: - • Maintenance of quality assurance department and lab equipments. 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. production and Marketing of safe clean wholesome foods of high quality . then the quality assurance department will prepare GAN . Development . occupation health and environment standards establishing internal review procedures to ensure compliance of applicable laws and regulation.

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

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

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

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

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

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

• Assets (e. • WIP → Dr. MIRO is a transaction by which all the entries are to be made in the SAP.105: After receiving the material it provided to Q. Dr. Dr.g. 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. Cr. The Excise Credit also provided to the goods/material in SAP with 105 at the time of making GRN. Cr. Final Stage (Ready to Use) Cr. it defined as follows:Credit (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. → → → 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. ENTRY PATTERN OF ACCOUNTS IN THE COMPANY All the entries of accounts of the company are processed through MIRO.) → (− ) 43 .A.

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 .Debit (Dr.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.

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

Finance manager check all details tax and code. Aligarh used a new technique of payment is electronic fund transfer or retail time gross settlement. 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. Department Goods acceptance notes 105 Finance department After that finance department manager/ person checks all entry. 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. 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. which is done by purchase department. factory store and quality assurance department with invoice.  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 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. quality of product.

000 Upto Rs. 5.000 Upto Rs.10.000 Management Level Managing Director Vice President/ Director Vice President General Manager Grade I Grade II Grade III Grade IV 48 . Payment for services should be made by cheque only against original bill/ invoice / cash memo and supported by purchase order. 1. repair & maintenance.000/.50.5000/.00.00. Payment of cash for services received should preferably be avoided. 25. 5. 7. warehouse/ office rent.00.000 Upto Rs. 10. Purchase of all services should be done from approved vendors and routed through the purchase department.000 Upto Rs.000 Upto Rs.000 Upto Rs.SERVICE BILLS • • • • • • Service expenses will include expenditure on freight .should be signed by the functional head and the Managing Director.000 Upto Rs.000 Upto Rs.000 Upto Rs.50.000 Upto Rs. 5. 5.00.or more.00. professional fees. Service Agreement/ Contracts whose total value exceeds Rs. 5.00.000 Upto Rs.00. 3. 5. 10. Any exceptions should be approved by the Vice President Finance and CFO. 50. courier charges etc.00.00.000 HO & Factory Over Rs. 1. A purchase order should be raised for services of value Rs. • The limits for authorization of purchase order of services areBranches Over Rs. co-packer charges.00.00.000 Upto Rs.

All such advance should ideally be adjusted in the same month in which they are should preferably be approved by the finance controller.00. Vice president/Director 6. 11. 49 . Vice president 7. 2. Managing director authority for over 50.with authority of planning manager and general manager. Generalmanager 8. 000 Every quarter end list of pending advance should be prepared by the finance department and circulated at their respective location.00. Sugar capital machinery. 1.ADVANCE PAYMENT • Fuel. 00. MD 5. 10.00. Spare etc .000 advances payment. 3. 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 . 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 up to 5.00. authority limit over 50.00. Chain and financial controller besides authorized by appropriate levels of management as per applicable limits.000 up to 50. Management level 4. Grade 1 9.000 up to 25. The concerned department should take appropriate follow –up action to settle the advance amount.000 upto10.The advance payment request prepared by the procurement Department Should be signed by General Manager-Supply .

50. 50. non-coded 5 lakh 5 lakh 30 lakh 15 lakh 7.000 5 lakh 5 lakh 1 lakh 50 thousands.000 7.12.Coded itmes include all items other than ingredients and packaging materials 50 .00.000 Affiliate purchase include finished product purchased for high sea sales.50. Packing materials.30.00.000 Affiliate Purchase over 5.D. Intermediate products and fuels. Director Vice president General president Grade 1 Grade II Grade III UP to 30 lakh 30 lakh 30 lakh 30 lakh 7. Non. The authority limits for approval of purchase order is given below :Management level Coded item M. Coded items include all ingredients.000 5.00.000 over 30 lakh 30 lakh 30 lakh over Rs.

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 .

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

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

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

• According to Income Tax Act under section 40(a) (3) the payment through the cash of not more than Rs. 55 . generally payment through at PAR Cheque.↓ 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. 20000/-.

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

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

 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 . the daily treasury provides a comprehensive picture of changes in cash.  Monthly Cash Report: This report has shown the actual cash receipts and payment on a monthly basis. marketing file securities debtors and creditors. Payables and their disbursement may be centralized.  Control of Payables: By a proper control of payables a firm can conserve its cash recourses. collection and disbursements must be properly monitored. 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. This helps in consolidating funds at the head office.  Promoting Billing: Often there is time lag between the dispatch of goods and provisions of service and the sending of bills.  Monitoring Collection and Receivable: To enhance the efficiency of cash management.    Optimal Cash Balance: If a firm maintains small cash balance. reducing productive bank balance at the regional office and investing fund more effectively. The actual are compared with budget figures and variance is calculated.An amplification of the daily cash report. This involves the following— Payment should be made only as and hence they fall due.

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

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

I have thoroughly examined all the aspects regarding payment system and have drawn following conclusion: 1. Better coordination among the entire department related to payment system. Company should launch the internal website for its Indian branch which should include detailed information about Aligarh branch as well as other production unit. 17. It has solid financial position. 16. 14. The company consists of latest technology to maintain best quality. Everyone gets benefit to see and send its quotations. Product sale is also handover in Aligarh unit may be the use of on line trading and traditionally. salary. 15. payment of taxes. Request for proposal is on web page of Heinz India Private Limited. Try to modify the software. 20.11. Department is better coordinated with each other. 19. 12. 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. CONCLUSION The Heinz India private limited is one of the leading food companies in the world. 13. 21. 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. 18. 64 . Purchase order is send by the internet. production etc. Company gets more quotations and having different rates for more choice for selection to select a perfect quotation. 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.

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

FORMAT OF MATERIAL IDENTIFICATION SLIP (for sampling) 66 .

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

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

00 808.08/05/08 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 Dr. 1091816.E. 546612.00 404.00 808. Dr. Cess A/c To S. 80696. 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 546612. Dr.00 Dr.00 1613.00 41612.00 404000. A/c To CVAT Payable A/c To Edu. Dr. Cess Payable A/c To S.G. Edu. Edu.00 80696.00 Dr.00 Dr.00 Dr.00 404000.00 806. 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.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. Cess Payable A/c S.00 806.00 108700.00 41504.00 41612. Dr. Edu.00 41504. Dr.00 Dr.00 1091816. Cess Payable A/c To BED A/c To Edu.00 1613.00 69 .00 404. 505000.00 505000.00 546612. 41504. 1091816. 505000.