INTERNSHIP REPORT

on
ACCOUNTS AND FINANCIAL ACTIVITIES OF
KUTHALINGAM ASSOCIATES

Internship Report submitted to the

Department of Commerce and International Trade
in partial fulfillment of the requirements for the award of the degree
Bachelor of Commerce

Submitted by
MIRUDULA K A
(URK20CM1065)

Under the Guidance of

Dr. M. SELLADURAI, Ph.D.
Assistant Professor of Commerce

Department of Commerce and International Trade

Karunya Institute of Technology and Sciences
(Declared as Deemed to be University under Sec.3 of the UGC Act, 1956)
Coimbatore – 641114

1
 November 2022

Mirudula K A
URK20CM1065
Department of Commerce & International Trade
Karunya Institute of Technology and Sciences
Coimbatore - 641114

DECLARATION

I, MIRUDULA K A hereby declare that the internship report entitled

“ACCOUNTS AND FINANCIAL ACTIVITIES OF KUTHALINGAM
ASSOCIATES” is a bonafide record of the original research work carried out by me in
the Department of Commerce and International Trade, Karunya Institute of Technology
and Sciences, Coimbatore and that it has not been submitted earlier elsewhere for the
award of any Degree, Diploma or Fellowship.

Place:

Date: Mirudula K A

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Dr. M. SELLADURAI
Assistant Professor
Department of Commerce & International Trade
Karunya Institute of Technology and Sciences
Coimbatore - 641114

CERTIFICATE

This is to certify that the Internship report entitled “ACCOUNTS AND

FINANCIAL ACTIVITIES OF KUTHALINGAM ASSOCIATES” is a bonafide record
of work done by MIRUDULA K A (URK20CM1065) under my supervision and
submitted in partial fulfilment for the award of the degree of Bachelor of Commerce of
Karunya Institute of Technology and Sciences.

Supervisor Head of the Department

Viva Voce Examination held on ____________

Internal Examiner External Examiner

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 ACKNOWLEDGEMENT

Internship is a bridge between theoretical and practical learning. Karunya

University has given me the opportunity to bridge the gap between my theoretical and
practical learning. First of all I would like to thank the Almighty God who is obviously
the one who guided me to work on the right path of life.

It gives me a great sense of pleasure to present the report of the internship

undertaken during B.com. I owe a special debt of gratitude to my Project Coordinator
Prof. Dr. L.J. Chaarlas, head of the Department of Commerce, for his constant support
and guidance throughout the course of my work. It is only his cognizant efforts that my
endeavors have seen light of the day.

I express my heartfelt gratitude to Mr. Kuthalingam Chartered Accountant,

Kuthalingam Associates - Hosur, for providing an opportunity to work in the esteemed
organization as an intern.

My deepest thanks to my Project Guide Prof. Dr. M. Selladurai for guiding and
correcting various documents of mine with attention and care. It is only his cognizant
efforts that my endeavors have seen light of the day .I’m deeply indebted to him without
whose constructive feedback, this project would have not been a success. The valuable
suggestions for modifications, improvements and corrections did enhance this project.

I also do not like to miss the opportunity to acknowledge the contribution of all
faculty members of the department for their kind assistance and cooperation during the
development of my project. Last but not the least, I acknowledge my friends for their
contribution in the completion of the project.

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 TABLE OF CONTENTS

CHAPTER TITLE PAGE NO.

INTRODUCTION
1.1 Internship 1
I
1.2 Objectives of the Internship 2
1.3 Scope of Internship 2

REVIEW OF THE INDUSTRY/COMPANY

II 2.1 Industry review 4
2.2 Company profile 10

WORK DONE
3.1 Job profile 13
III
3.2 Work experience 14
3.3 Personal Contribution to the Organization 20

SKILLS LEARNT
IV 4.1 Knowledge Acquired 21
4.2 Skills learnt 21

CONCLUSION
V 5.1 Findings and Discussion 24
5.2 Conclusion 24

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 CHAPTER I

INTRODUCTION

This internship report describes my one-month summer internship experience which I

have done as part of my curriculum. The internship opportunity initiated my transition from
the academic journey to my professional career. It provided me a practical exposure on how a
company works, also the primary and moral values that a company holds and the key
responsibilities of a company to the society. This report serves as a written record of my
internship experience and provides the skills and knowledge which I have acquired during
that time. It also shows my observations and findings as an intern with the firm that enhance
the company’s value and the contributions which I have made to support the company.

As a Bachelor of Commerce student, my area of interest lies in the field of accounting.

Thus, I applied and got an opportunity to intern at Kuthalingam and Associates which is one
of the reputed accounting firms in the Hosur region. The firm has been running successfully
for about 10 years and offers a myriad of services from small scale to large scale industries
and helps business owners stay financially organized, tax compliant and offers business
strategies for their business growth. The firm also has a strong client base in and outside
Tamil Nadu. I was glad that I joined Kuthalingam and Associates for my internship and it
provided me with a different perspective on my learning curve.

Why did I join this internship?

● To Gain Real-world experience.

● To be an expert in my field.

● Start applying the academic knowledge to solve real world business problems.

● To Network with the industry professionals for better perspective.

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1.1 Internship

An internship is a professional learning experience that offers meaningful, practical

work related to a student’s field of study or career interest. An internship gives a student the
opportunity for career exploration and development, and to learn new skills. It offers the
employer the opportunity to bring new ideas and energy into the workplace, develop talent
and potentially build a pipeline for future full-time employees. A quality internship:

● Consists of a part-time or full-time work schedule that includes no more than 25%
clerical or administrative duties.

● Provides a clear job/project description for the work experience.

● Orient the student to the organization, its culture and proposed work assignment(s).

● Helps the student develop and achieve learning goals.

● Offers regular feedback to the student intern.

1.2 Objectives of the Internship

● Gain early understanding and appreciation of the practical life real-life situation

challenges associated with application of the theoretical knowledge acquired.

● Develop expected professional self-awareness, internalization of career job

requirements and experience.

● Develop and acquire critical skills needed to proactively observe and analyze

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 problems/challenges encountered while executing career duties and responsibilities at
work.

● Students gain knowledge about practical aspects of functioning of an organization on

the domestic and foreign markets with a special emphasis on finance/ accounting
management in public administration, private sector, non-governmental organizations,
self-employment and other.

● Student knowledge about performing specific tasks and developing problem

identification and problem solving skills in finance management /accounting.

1.2 Scope of Internship

1.2.1 Content Scope

This internship aimed at providing the students with necessary knowledge and skill in
line with his field of accounting and finance, the intern intended to provide quick response to
the public and as well market the activities of the organization .This enable the student to
generate practical skills from the respondents in the various directorate and department of
organization.

1.2.2 Duration Scope

The intern intended to utilize the time allocated to him in practice accounting concepts
as well as transferring theory into practicals, Reconciling bank statements, client’s brief,
writing monthly financial reports. Therefore these were executed in the period of 05 th June to
15th July as it was allocated by the organization.

1.2.3 Geographical Scope

The ideal location of an organization has many advantages in all stages. It promotes a
strong client base and also has a scope for diverse industrial approaches providing successful
accounting solutions. The perfect landscape will offer a very competitive workspace and
provide best service and solution in the respective fields.

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4
 CHAPTER II

REVIEW OF THE INDUSTRY & COMPANY

2.1 Industry review

● C.A Firm means chartered accountant firm within the meaning of Chartered
Accountant Act 1949. Under the norms and guidelines and code of conduct
established for CA firms by ICAI (The Institute of Chartered Accountants of
India), the organization operates as a firm of chartered accountants.

● The Chartered Accountants Ordinance, 1961, which was implemented on July 1,

1961, created the Institute of Chartered Accountants of India (ICAI or the Institute) as
a statutory body to oversee the country's accounting industry.

● The council, which consists of nineteen members, oversees ICAI. For a four-year
term, fifteen members are chosen from among the members. The Indian government
proposes the names of the final four council members.

● These firms offer their clients a variety of professional services such as auditing,
taxation, and management consulting.

● The Institute of Chartered Accountants of India, which has its headquarters in New
Delhi, 5 regional offices, and 81 branches under these regional centers, administers
the Chartered Accountancy course.

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MISSION & VISION

Mission of ICAI

⮚ To achieve excellence in professional competence, to add value to businesses and the

economy, to protect the public interest, to ensure ethical practices and good corporate
governance, and to recognize the needs of globalization.

Vision of ICAI

⮚ To serve as a model of professional excellence, upholding the principles of integrity,

transparency, and accountability.

Role of CA firms

There is a misconception about chartered accountants that they prepare the balance
sheets and involve in filing tax returns alone of an organization. People aren't aware about the
importance of CA in today’s market.

A Chartered Accountant is a person who has expertise in taxation, auditing, accounting

etc. There are many excellent charters available in the market but we have to choose 1 who is
suitable according to our nature of business.

What makes this profession different?

Every chartered Accountant goes through extensive examination to receive this title I.e.
prefix before their name as CA and they have various obligations when they receive it.

Reasons why should one choose Chartered Accountant for business

1. SECURE YOUR BUSINESS

When a Chartered Accountant comes to your business finances, then you know
that your money in safer hands will be the most important thing for you. Because of

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 regulations and compliance rules that every chartered are compel to follow. You can
trust them to look after your money.

2. PROFESSIONALLY TRAINED

A Chartered Accountant is professionally trained who can check, prepare and

analyze the financial day to day Business affairs. They also check whether the
company is operating economically as per applicable law & regulations and follow
all relevant guidelines.

3. ACT LIKE AN ADVISOR

He is guiding a company to avail opportunities available in the market which

they may be missing as well as offering advice on the best way to conquer financial
difficulties.

4. HELPS TO SAVE TIME & MONEY

As an Entrepreneur you need to dedicate your precious time on important work

for developing products and services to improve profit scale. Therefore you need
someone who can help you to meet legal deadlines timely so that penalty will not
be imposed.

5. HELPS TO GROW

A Chartered Accountant can act like a valuable sounding board. He brings in

your knowledge about the opportunities that you can avail and also aware about the
threats so that you will be prepared to defeat them.

Every company, irrespective of scale, needs a CA - All entities, large or small, require a
financial expert that they can rely on.

Maintaining Records

● Maintaining the right state of records is not only a great business practice but is also a

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 legal necessity, even if the firm is small.

● The best chartered accountants in Mumbai support an organization and guide them in

record keeping.

● They not only make the firm legally compliant but can also act as a powerful means to

analyze and visualize the economic position of the company in the past and the future.

Their hand in auditing processes

● Audits are mandatory for all entities and while they are complicated and time

consuming, they are necessary to ensure that the business remains compliant with all
laws.

● Good Chartered Accountant firms work with their clients to improve their

bookkeeping and risk management so that there are no surprises in the year-end audit

Laying out an effective business plan

● With the help of their strategic understanding and vast perception of financing, top

chartered accountant firms in India make it easy for companies to lay down new
business plans or tweak the existing ones to achieve remarkable results for the
company.

● With time, as the business keeps on growing and developing there are more
complexities, such as handling tax & business procedures. A Chartered Accountant
takes care of such situations by providing effective solutions to the company.
Chartered accounting firms offer a wide range of services.

Bookkeeping Services

● Bookkeeping is one of the most basic services that accounting firms offer. It mostly

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 involves the recording of the financial transactions that a client or business does.

● Furthermore, bookkeepers are responsible for determining which accounts every

transaction affects. They are also responsible for measuring the value of these
transactions. Although accounting firms offer this service, some bookkeepers may not
be full-fledged accountants.

Accounting Services

● Accounting is similar to bookkeeping in a way that it also involves the identification,

measurement, and recording of financial transactions.

● However, it takes this service one step further by summarizing and interpreting these

records. Hence, the output of accounting service is more useful for business owners in
decision-making.

● The final output of accounting services is a financial statement. Financial statements

are the compilation and summary of the financial transactions of a business.

● Accountants often arrange the information in these reports logically and

understandably. This way of presentation is done to make the report useful to any
internal or external user.

Tax Preparation Services

● Every government in the world requires their citizens to pay a certain amount of taxes.

This rule applies to almost all types of businesses.

● Unfortunately, preparing tax returns can be complicated for some people, most

especially owners of large companies.

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 ● Coupled with the fact that you can be fined for a wrong tax return, it is best that you

let a professional CA do this task for you.

● Tax preparation is one of the most common services that accounting firms offer. It

involves the identification of applicable taxes for clients and businesses.It also
includes the computations of the correct tax due. They do this so that you won’t end
up paying less or more than what you should. Here, in India we follow the INCOME
TAX act.

Filing of Tax Returns

Assistance in preparation of the comprehensive financial reports which ultimately

determines the accuracy of the filed income tax returns. Also, assistance in filing of advance
taxes, obtaining certificates for the lower deduction, etc.

Goods and Services Tax (GST)

● GST has been the biggest game-changing reform in India’s Indirect Tax Structure

which has rightly attracted the heightened interest from all the stakeholders.

● GST is one indirect tax for the whole nation on the supply of goods and services, right

from the manufacturer to the consumer.

⮚ As GST will affect every part of the business of industry from Cash Flows, Financial

Reporting, Tax Accounting & reporting, profitability, pricing, supply chain, ERP,
contracts redesigning, IT, marketing, etc. Therefore, one of the biggest challenges for
the industry would be the requirement of right guidance which can help them sail
through the GST transition and guide them about its impact and implications.

Outsourced CFO Advisory Services

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 ● Business finance has a significant part in the management of your business. However, it

is tough for untrained people to make this connection. This problem is where
outsourced CFOs come in.

● Chief financial officers are the ones that help management create operational and

financial policies. They often make their decisions using the company’s financial
statements.

Internal Audit Services

● Auditing is the inspection of the different aspects of your company, such as your

records, policies, or processes. It is best done by third parties to lessen the possibility
of any bias during the audit process.

● Accounting firms are the go-to guys for internal audits, not just because of the training

accountants receive, but also because of their independence. Accountants are great in
determining if there are any underlying issues that business owners need to be
addressed

Tax Audit

● Tax Audit is an examination of an entity's tax affairs to check whether the transactions

undertaken by them are as per the prevailing tax laws like the declaration of all the
assessable income or are they entitled to certain tax reductions or any tax offsets
which they had claimed in their tax return.

● Their dedicated tax team is well conversant with the tax laws of India and they are

presently assisting many of our clients to file their tax audit returns within time

Statutory Audit

● The basic principle of statutory auditing is to ensure that the financial statements such

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 as the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true &
fair view and are free from any material misstatements.

● Audit approach comprises a deep understanding of business and the industry in which

clients operate to enable us to design an effective audit plan.

● Audit Methodology has been designed to comply with the International Standards on

Auditing, current statutes, Indian Accounting Standards and the guidelines issued by
the regulatory board from time to time.

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2.2 Company profile

Kuthalingam And Associates, Hosur

Kuthalingam And Associates in Hosur is known to satisfactorily cater to the demands

of its customer base. The business came into existence in 2012 and has, since then, been a very
reputed organization in its field.

It is located at B-77, Balaji Complex, SBI Adb Road, 2nd Floor, Hosur HO-635109.
SBI Adb Road is a prominent landmark in the area and this establishment is in close proximity
to the same. The business strives to make sure for a positive experience through its offerings.

The highest standards of excellence, a large amount of personal devotion, and our
treatment of clients as partners define their services. Due to this, we were able to build
enduring bonds of trust and understanding with our clientele. Such a strategy gives us a
thorough understanding of the wants and needs of the customers and helps us to meet their
high expectations.

Based on the demands and specifications of the client, Kuthalingam And Associates
offers expert services. To better support customers in all business and operational areas,
Kuthalingam And Associates has a diverse workforce. Kuthalingam And Associates partners
with reputable auditors who have a wide range of business experience and in-depth industry
knowledge.

Customer centricity is at the core of Kuthalingam And Associates in Hosur HO, Hosur
and it is this belief that has led the business to build long-term relationships. Ensuring a
positive customer experience, making available goods and/or services that are of top-notch
quality is given prime importance.

India's leading B2B marketplace, Jd Mart ensures engaging in business activities is a

seamless process for small and medium enterprises as well as large businesses. In a bid to
enable these businesses to reach their audience, this portal lets them showcase their offerings in
terms of the products and/or services through a digital catalog. This business has a wide range
of product offerings and the product/catalog list includes Accounting Management etc.

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SERVICES OFFERED BY THE FIRM

1) Accounting & Bookkeeping

● Virtual CFO

● Maintenance & Finalization of Books

● Payroll Processing

● PF Return Filings

● ESI Return Filings

● Professional Tax Filings

● TDS Computation & Filings

● MIS Reporting

2) Taxation & Planning

● Income Tax Return Filings

● Tax Audit

● Tax Planning

● Income Tax Computation

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 ● Transfer Pricing

● Tax Consultancy Services

● Assessment Proceedings & Appeals

● Income Tax Refunds

3) GST Consultancy

● GST Registrations

● GST Return Filings

● GST Audit

● Preparation of GSTR 9

● Filing of GSTR4 for Composition Dealers

● GST Department Notices, Orders & Appeals

● Refund Application

4) Startup Services

● Incorporation of Companies / LLP

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 ● Drafting of Deeds & Contracts

● Funding Advisory & Consultancy

● MSME, IEC, FSSAI, Trademark, TAN, PAN, GST Registrations

● Shop & Establishments Act Registration

● Partnership, Trust, HUF Formations Designing SOPs

5) Corporate Compliance

● Statutory Audit

● Internal Audit

● All types of ROC Filings

● FEMA, RBI & SEBI Advisory & Filings

● Secretarial Audit

● Corporate Certifications

● Closure of Entities

● NCLT & NCLAT Appearances

6) Support Services

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● Mergers & Acquisitions

● Due Diligence

● Investment Advisory

● Projection Reports

● Litigation Support

● Drafting Various Contracts

● License Registration & Renewals

● Labour Laws Support

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 CHAPTER III

WORK EXPERIENCE

3.1 Job Profile

The period of my internship was from 01/06/2022 to 15/07/2022. I worked under Mr.
Kuthalingam CA who offers various services like Income Tax Return, Goods and Services
Return, Profession Tax and provides confidential information about financial records. This
might involve financial reporting, taxation, business recovery and insolvency, or accounting
systems and processes.

During the period of my internship, I was working as an intern under the accounting
sector and my decision to work with Mr. Kuthalingam CA under his firm Kuthalingam
associates really changed my way of approach in providing real world solutions. My strong
theoretical knowledge helped me to get in sync with the organization while solving complex
problems. This internship especially gave me an understanding of the business model and also
about the other elements such as strategic thinking, planning and implementation, and how
these things are applied in a real-world. The internship became an eye-opener for me that now
I have acquired the necessary fundamental skills to start my professional career.

Here are some of the objectives in my mind before joining this internship,

● To understand the fundamental goals and structure of the organization

● To improve my communication skills

● To adhere with the company’s policies and guidelines

● To maintain confidentiality in work and promote good work environment

● To apply the theoretical knowledge in the allotted tasks

● To expertise at client handling and book-keeping services

● To manage my time effectively and punctual to the office timings

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● To create a strong work ethics and establish standard professionalism

● To increase my ability to multitask effectively and finishing the tasks before

deadlines

● To Increase the professional relationships and to network with industry leaders

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3.2 Work done

During my internship, I have made every effort to improve my skills and knowledge.
From the very first day, Ms. Harini (Office Manager) who is very supportive at every stage of
my learning. Initially they trained me on how to maintain records and eventually on how to
prepare a bank summary and it proceeded with auditing accounts and handling clients
accordingly. They also taught me on how to categorize each and every transaction record
according to its nature.

Various tasks that I performed during my internship:

● Maintenance of records/book keeping

● Bank Summary preparation

● Client handling

● Auditing accounts

● Vouching

● Handling of client accounts

1. RECORDS MANAGEMENT

Records management is the process of supervising and administering paper and digital
records. This process continues throughout the entire records management life cycle, which
spans the production, receipt, maintenance, use, and disposal of information.

The records that are being managed will vary from industry to industry, but can include:

● Paper and electronic files

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● Memos

● Minutes

● Reports

● Contracts

● Receipts

● Emails

● Letters

● Faxes

● Social media

● Instant message logs

● Photos

● Videos

● Spreadsheets

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 ● Plans and maps

● Database records

● Research data

● Policy and briefing papers

These records should be organized according to a classification system that allows for
easy access, either on- or off-site or, better yet, digitally in the cloud. However, the records are
maintained, the primary objective of records management is to keep necessary information
organized and at the ready, both for efficient internal operations and in case of a compliance
audit.

Benefits of Records Management:

Reduce Clutter and Storage Costs

Part of proper records management involves disposing of information that has expired,
meaning that it’s no longer useful or necessary.

Organizations that fail to get rid of unnecessary documents face a never-ending

accumulation of information, which has to live somewhere. This can mean a growing number
of file cabinets, adding to both office clutter and storage costs. Proper record disposal will help
with part of this problem by ensuring that you only maintain the records that you really need.

Digitizing takes you the rest of the way by freeing up invaluable office space.

Access Information Quickly and Easily

Nothing eats into productivity more than having to search for information or

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documents. Yet people spend about a week searching for lost papers and items every year.
Records management aims to prevent this issue first by eliminating unnecessary documents, so
that you have less to sort through, and also by indexing and organizing the records that are here
to stay. Staff should be able to access the information they need quickly, reducing search times
that cut into productivity and distract from the real work at hand. Scanning documents into a
digital document management system increases efficiency even further, allowing you to
access, share, and update data remotely with just a few clicks.

Adhere to Regulatory Compliance

Organizations that fail to adhere to these regulations can face costly financial penalties
or even legal actions. Strict records management is the only way to ensure regulatory
compliance and avoid these potentially crippling consequences.

Protect Important Information

Whether or not your organization is subject to compliance regulations, protecting

important company assets and confidential information is essential to your ability to function
in the long term. Theft, natural disasters, human error, and deteriorating document quality are
all threats to the integrity of your records.

While some companies choose to minimize these threats by storing paper documents in
a protected off-site storage facility, the best and only way to prevent data loss is to go paperless
by storing records in the cloud. Many digital records management systems even allow you to
set specific restrictions, so that only authorized staff can access or update sensitive documents.

Save Money and Time

Records management takes a lot of time and money, requiring storage space, printing
materials, and staff to file and maintain documents. Of course, the time and money necessary
only increase when records management isn’t handled well, and staff must search for or even
replace lost records. A digital records management system saves you these expenses by
eliminating the resources associated with printing, organizing, storing, and maintaining
documents. The increased efficiency that comes with such a system only further reduces costs.

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Control Record Growth

The process of implementing records management after having neglected it may

require a lot of upfront work, depending on the degree of disorder and how long records have
been accumulating for. However, once you have a plan for records management in place, you
should have no trouble keeping your documents in check. Whenever a new record is created,
you should have the necessary knowledge or resources at hand to decide whether it needs to be
maintained. If it doesn’t, you can dispose of it properly to avoid unnecessarily growing your
records; if it does, you have a system in place to organize it logically, ensuring easy future
access.

Boost Employee Motivation

If employees are constantly faced with disorganized or lost records that slow or even
block their workflows, they will quickly become frustrated. Energy that should go toward work
instead goes toward solving problems that shouldn’t exist in the first place. Though not
quantifiable, this poor working environment will certainly affect employee motivation. On the
other hand, employees who can finish work efficiently without any blockages will feel
empowered by their accomplishments and eager to keep going. The difference between these
two situations lies in effective records management.

2. PREPARATION OF BANK SUMMARY

A bank statement typically provides a full overview of the account for the selected
tenure. Account statement summarizes the following:

● The beginning and ending balances of the account

● Deposits in the form of income, cash deposits, etc.

● Interest earned on the account

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● Service fees and penalties charged against the account

● Funds withdrawn from the account in the form of cash, cheque etc.

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Need for Bank Statements

We discuss below some of the reasons for the need for a bank statement;

● A bank statement is like a detailed summary of the various transaction details which you

have carried out until the last recorded date

● They are a potent tool for taking care of any financial mismanagement

● It is a sure-shot way to keep a check on your expenses and spending

● Most importantly, it is a periodic track record on the basis of which you can plan your

finances, future savings, and investments

● In other words, a detailed bank statement record is an important start to good and

healthy financial management.

● Research says that almost over 70 % of the consumers prefer keeping a tab on their

finances through paper documents, and the remaining two-thirds prefer a combination of
electronic and print.

Benefits of a Bank Statement

During the reconciliation of their bank account with the bank statement, account
holders should check for discrepancies. Account-holders must report discrepancies in writing
as soon as possible. A bank statement is also referred to as an account statement. It shows if
the bank is accountable with an account holder’s money.

Bank statements are a great tool to help account holders keep track of their money.
They can help account holders track their finances, identify errors, and recognize spending
habits. An account holders should verify their bank account on a regular basis—either daily,
weekly, or monthly—to ensure their records match the bank’s records. This helps reduce

26
overdraft fees, errors, and fraud. If any discrepancies are found, they must be reported to the
bank in a timely manner. Account-holders usually have 60 days from their statement date to
dispute any errors. They should keep monthly statements for at least one year.

What Is the Difference Between a Bank Statement and a Transaction History?

A transaction history differs from a bank statement in that it is a record of all

transactions for that bank account for a set period that you have chosen. Typically, a bank
statement only covers one month of transactions and may leave recent or pending transactions
out.

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 I was given bank statements of a few of their clients and was asked to prepare the
receipt and payment summary. From the above example, receipts include all the deposit
amounts and payments include all the withdrawal amounts. Segregation of all the transactions
into individual heads such as Salary, Drawings, Subsidy, LIC, Transfer, Cash withdrawal,
Cashback, Pension etc…

Abbreviations used in Bank statements:

1. INFT→ Internal Fund Transfer

2. BPAY → Bill payment

3. BBPS → Bharat Bill Payment Services

4. NEFT → National Electronic Fund Transfer System (other bank fund transfer)

5. ONL → Online Shopping Transaction

6. SMO → Smart Money Order

7. LNPY → Linked Loan Payment

8. IMPS → Immediate Payment Service

9. BIL → Internet Bill payment or funds transfer to third party

10. VAT/MAT/IFS → Cash withdrawal at Other bank

11. VPS/IPS → Debit card transaction

12. N chg → NEFT charges

13. MMT → Mobile Money Transfer

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3.3 Personal Contribution to the Organization

● My day to day responsibilities include several assignments and making salary reports,

payroll cheque and tax process. I have to work on time constraints and thus produce
effective results.

● I was able to increase the efficiency of my workflow and finished the respective tasks

quickly.

● I was also responsible for the meetings scheduled and I made effectiveness in the

execution of the company's work as well as meeting within the required deadline.

● Instead of hiring a full time employee, an intern can do several tasks which benefits the

organization financially and I became the perfect fit for the organization.

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 CHAPTER IV

SKILLS LEARNT

4.1 Knowledge Acquired

During the entire internship, I got numerous opportunities to explore my interests and
was also exposed to all sorts of work related to accounting. Each and every day, I went through
a lot of assignments and tasks with shorter deadlines. But my mentor was easily approachable
and I was guided perfectly. I gained many skills and required knowledge on every vertical
when I was working on those assignments. Even when I lost, I got the perfect support from the
right people and the entire organization is so responsive and so I made the best out of it.

The following are the Knowledge I have gained during the internship

● I have observed the entire workflow of Accounts operations of maintaining stock cards,

supplier reconciliation among others.

● I have gained knowledge on how Accounts operations are carried out in a profit making

company. Additionally I have gained immense knowledge on the acceptable code of

conduct and dressing code in an office environment in order to be presentable and not to
offend any colleagues.

● I have acquired knowledge on how bid evaluation is managed and executed in a profit

making company where the focus is on reducing bureaucracy while leveraging benefit
to the company

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4.2 Skills Learnt

COMPUTER SKILLS:

● Nowadays, Computers are everywhere and they are used for multipurpose. Even in the

field of accounting, several softwares and technologies serve many purposes.

● I was involved in all sorts of work during the internship using a computer and so I am

familiar with all the workflow.

● Computer skills on Microsoft packages of excel, word, internet skills the operations of

the different applications within Microsoft ERP and in addition how to operate other
office equipment like photocopying machines among others.

PRESENTATION SKILLS:

● Presentation skills are the abilities one needs in order to deliver compelling, engaging,

informative, transformative, educational, enlightening, and/or instructive presentations.

Presenting information clearly and effectively is a key skill in getting your message
across.

● I got engaged in giving a presentation on a certain topic as part of the assignment.

MS EXCEL:

● To determine my clients' tax liability, I had to use MS Excel. To aid in accelerating the

computation process, I have learned a some new functions

PROBLEM SOLVING SKILLS:

● Every assignment and task involves complex problems and needs a good problem

solving mindset to provide a solution.

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 ● I was challenged with difficulties in completing those tasks in a limited time and thus

made me think critically and develop my problem solving skills.

COMMUNICATION SKILLS:

● I developed strong client communication skills to make sure my questions are answered.

I had to reassure the client that their tax liability was being computed and that the
returns would be submitted before the deadline at the same time.

TIME MANAGEMENT:

● I always had deadlines on completing every task and during that time, I learned to work

on time constraints.

● As a result, I was able to manage my time effectively and complete each client's tax

computation in a specific amount of time while also making sure that my calculations
were perfect.

GOAL SETTING AND PLANNING:

● Setting realistic objectives, coming up with practical action steps, and pledging to

follow through on the plan are the perfect strategic approach for any real world
problems.

● When several things are vying for our attention, even setting a core aim can be

challenging to some extent. To effectively plan, issues must be prioritized and

delegated. While it is hard to complete everything at once, if one concentrates on the
most crucial duties and solicits assistance, they can achieve great things in the best way.

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 CHAPTER V

CONCLUSION

5.1 Findings and Discussion

The entire duration of my internship provided me the fundamental knowledge to

become a professional accountant. I understood that the skills to become a CA cannot be
acquired by just reading the text books or getting the practical skills alone. It should be a
perfect blend of both theoretical knowledge and practical hands-on experience.

Also, the professionalism I observed at the workplace motivated me to retain a

professional demeanor while socializing in the work environment. Along with professionalism,
I also developed a strong comprehension of what it meant to be an employee. I also found a
way to perfectly balance my personal and professional lives. My auditor and my seniors, who
served as mentors, provided me with helpful guidance throughout the entire process. I got a
clearer knowledge of the motivations behind the actions of experts. As a result, I was able to
investigate and apply the notions which I had learned in a unique way.

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5.2 Conclusion

On the whole, the internship practicum I attended at Kuthalingam and Associates

availed me with the necessary tools, people and processes in which I was able to practically
understand the connection between what I learned in my university within the scope of
Accounting and Finance specifically in the fields of

• Accounting
• Auditing
• Procedural manuals
• Stock control policies relating to inspection
• Verification of Documentation
• Bank reconciliation
• Drawing accountability
• Payroll processing
• Record management.
• Periodic maintenance of the Payment vouchers and Purchase bills maintenance of
ethical code of conduct while executing the different task and while with emphasis
on how to relate with other employees in an organization

My college provided me the perfect theoretical base and the internship opportunity
paved me the way to acquire the necessary practical skills. It was great connecting with diverse
clients from different industries and working with a fantastic team. Throughout my internship,
I was able to identify my strengths and weaknesses and obtained significant experience and a
lot more to learn and develop. I am extending my gratitude to Kuthalingam and Associates for
the excellent practical experience and I am so glad that I am getting assessed by a well reputed
accountant in the Hosur region.

Also, I am so grateful to Karunya University for providing me such a great opportunity to

examine my practical knowledge in the real-world context. So, the overall experience in this
Summer internship definitely offered me a great exposure and it made me industry ready to start
my professional career after my graduation.

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