Final Internship Report 4

BUSINESS INTERNSHIP
Submitted in partial fulfilment for the requirement of the degree of Master of Commerce,
specialization in Accounting and Taxation as 2nd semester’s hardcore paper during the year
2021-2022.
DEPARTMENT OF COMMERCE
SUBMITTED BY
G.YOGESWARY
(REG.NO - 21311075)
SUBMITTED TO
DR.S. SHIJIN
(Professor, Department of Commerce, Pondicherry University)
PONDICHERRY UNIVERSITY
APRIL 2022
G.YOGESWARY
REG.NO. - 21311075
M.COM (ACCOUNTING AND TAXATION)
PONDICHERRY UNIVERSITY
PUDUCHERRY – 605 014.

DECLARATION
I hereby declare that the internship report (Ganesan and Company, Pondicherry) submitted to the
Pondicherry University in partial fulfilment of the requirement for the award of the degree of
Master of Commerce (Accounting and Taxation) is a record of original work done by me in the
Department of Commerce, Pondicherry University, under the supervision and guidance of Dr.
S.Shijin.
PLACE : PUDUCHERRY G.YOGESWARY
DATE : ( Reg.No: 21311075)

ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude towards all the
individuals who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the field
of Accounts and Audit. I am greatly debated to under whose guidance and concern I am able to
bring this report into its real shape.
I convey my utmost appreciation to CA Jayachander.V for his supervision and guidance

throughout my internship period. I thank him for his constant support. It would have been
impossible for me to keep the confidentiality of my client intact and doing the report without
his help.
I am thankful to my advisor Dr. S. Shijin and all the faculty members of Department of
Commerce in providing me useful guidance for the completion of this report. I convey my
gratitude to all those are directly or indirectly related to the completion of this project report.
G.YOGESWARY
Reg. No.: 21311075
M.Com (Accounting and Taxation)
INTERNSHIP ATTENDANCE LOG
STUDENT NAME : G.YOGESWARY

REGISTER NUMBER : 21311075
DEPARTMENT : M.COM (ACCOUNTING AND TAXATION)
DURATION : 15.03.2022 – 02.04.2022
FIRM NAME : GANESAN & CO.
DATE TIME IN TIME OUT HOURS MENTOR

WORKED SIGNATURE
15-03-2022 9.00 AM 6.10 PM 8 HOURS
16-03-2022 9.00 AM 6.10 PM 8 HOURS
17-03-2022 9.00 AM 6.10 PM 8 HOURS
18-03-2022 9.00 AM 6.10 PM 8 HOURS
19-03-2022 9.00 AM 6.10 PM 8 HOURS
21-03-2022 9.00 AM 6.10 PM 8 HOURS
22-03-2022 9.00 AM 6.10 PM 8 HOURS
23-03-2022 9.00 AM 6.00 PM 8 HOURS
24-03-2022 9.00 AM 6.00 PM 8 HOURS
25-03-2022 9.00 AM 6.00 PM 8 HOURS
26-03-2022 9.00 AM 6.00 PM 8 HOURS
29-03-2022 9.00 AM 6.00 PM 8 HOURS
30-03-2022 9.00 AM 6.00 PM 8 HOURS
31-03-2022 9.00 AM 6.00 PM 8 HOURS
01-04-2022 9.00 AM 6.00 PM 8 HOURS
02-04-2022 9.00 AM 6.00 PM 8 HOURS

TABLE OF CONTENTS
SL.NO INDEX PAGE NO.

ACKNOWLEDGEMENT
CERTIFICATE
INTERNSHIP ATTENDANCE LOG
TABLE OF CONTENTS
1 PROFILE OF THE COMPANY 1
2 FINAL ACCOUNTS 2
3 RATIO ANALYSIS 5
4 TAX COLLECTED AT SOURCE (TDS) 8
5 DAILY REPORT 13
6 CONCLUSION 29
PROFILE OF THE COMPANY
A brief outline about the institution wherein internship has been undertaken is given below :
Overview:
GANESAN AND COMPANY – CHARTERED ACCOUNTANT
Established in 1971, Ganesan and Company is a pioneer in financial consulting services. We have a
range of services, that we provide.
NAME OF THE FIRM Ganesan and Company
YEAR OF
1971
ESTABLISHMENT
23, Jawaharlal Nehru Street, Pondicherry – 605001.
ADDRESS Telephone No: 0413-2336884/2332015/2338975
Email ID – gandco71@gmail.com
1.) Auditing Services :

Statutory Audit , Internal Audit, Bank Audits, Inspection Audit.
NATURE OF
2.) Management Consultancy Services.
SERVICES
3.) Other Professional Services.
4.) Financial Consulting and Tax Consulting.
INDUSTRY Financial Services
HEADQUARTERS Puducherry, India
1
CHAPTER–1
FINAL ACCOUNTS
INTRODUCTION
Final Accounts is the ultimate stage of the accounting process where the different ledgers
maintained in the Trial Balance (Books of Accounts) of the business organization are presented in
the specified way to provide the profitability and financial position of the entity for a specified period
to the stakeholders and other interested parties, i.e., Trading Account, Statement of Profit & Loss,
Balance Sheet..
FEATURES
• The final account is legally required for the entities. The financial accounting and preparation of
Financial statements are obligatory for the entities and getting those accounts audited.
• These accounts are prepared to present and provide the entity’s financial performance and status
to the stakeholders, users, investors, promoters, etc.
• The presentation of comparable figures for the current period from the previous period increases
the utility of the statements of accounts.
• It presents an accurate & fair view of the organization’s financial performance by providing
accurate & full information regarding the business with proper notes and disclosures of the real
facts.
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OBJECTIVES
• They are prepared to calculate Gross profit & net profit earned by the organization for the
relevant period by presenting the Statement of Profit & Loss.
• The Balance sheet is prepared to provide the company’s correct financial position as of the date.
• These accounts use the bifurcation of direct expenses to obtain the gross profit & loss and
bifurcation in indirect expenses to ascertain the organization’s net profit & loss.
• Through the Balance sheet, these accounts bifurcate the assets & liabilities as per the holding &
usage periods of the same.
IMPORTANCE OF FINAL ACCOUNTS
• The preparation of Final Accounts increases the accuracy and effectiveness of the accounts.
• During the preparation, any innocent mistakes or fraud can be discovered and could be rectified
quickly.
• This account shows the status of the entity and business for the period, and the audit of the same
creates a check on the entity and its processes, which reduces the risk of fraud and misstatement.
• Provide the information for the valuation of the business and evaluation of the real worth of the
business.
COMPONENTS OF FINAL ACCOUNT
 Manufacturing account
It helps us in determining the cost of manufacturing of various goods in the organization.
 Trading account
This account is prepared to note the value of total sales, purchase and other trade related
transaction.
 Profit and loss account
As the name itself suggests the purpose of this account is to determine the net profit earned
by the organization.
 Profit and loss appropriation account
This account is prepared to show the distribution of profit among various members.
3
Trading & Profit & Loss Account for year ended…
4
BALANCE SHEET:
FROM DAY 1 TO DAY 6
➢ I derived the profit and loss accounts of a different company. We faced many difficulties in
Deriving the final accounts .
➢ At Internship, a real Company’s Trial Balance was handed over to me in order to derive the Final
accounts as well as Balance sheet.
➢ The above is an example for which I had done in my internship.
5
CHAPTER–2
RATIO ANALYSIS
Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational
efficiency, and profitability by studying its financial statements such as the balance sheet and income
statement. Ratio analysis is a cornerstone of fundamental equity analysis.
Analysts and investors make use of the methods for ratio analysis to study and evaluate the fiscal
wellbeing of businesses by closely examining the historical performance and monetary statements.
Comparative data and analysis can give an insight into the performance of the business over a given
period of time by comparing it with the industry standards. At the same time, it also measures how
well a business racks up against other businesses functioning in the same sector.
IMPORTANCE
• Ratio analysis compares line-item data from a company's financial statements to reveal
insights regarding profitability, liquidity, operational efficiency, and solvency.
• Ratio analysis can mark how a company is performing over time, while comparing a company
to another within the same industry or sector.
• While ratios offer useful insight into a company, they should be paired with other metrics, to
obtain a broader picture of a company's financial health.
RATIO ANALYSIS AND ITS APPLICATIONS

Ratio analysis is useful in many ways to different concerned parties according to their respective
requirements. Ratio analysis can be used in the following ways:
• To know the financial strength and weakness of an organization.

• To measure operative efficiency of a concern.
• For the management to review past year’s activity.
• To assess level of efficiency.
• To predict the future plans of a business.
• To optimize capital structure.
• In inter and intra company comparisons.
• To measure liquidity, solvency, profitability and managerial efficiency of a concern.
• In proper utilization of assets of a company.
• In budget preparation.
• In assessing solvency of a firm, bankruptcy position of a firm, and chances of corporate
sickness.
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LIMITATIONS OF RATIO ANALYSIS
 Limited use of Single Ratio

A single ratio cannot convey any meaning at all. Hence, some more ratios are calculated to know
something from a single ratio. Sometimes, the calculation of many ratios lead to confusion instead of
helping the analyst to make meaningful conclusion.
 No Inter Firm Comparison

If the business concerns are not similar in size and nature, there is no possibility of inter firm
comparison through ratio analysis.
 Lack of Adequate Standards

There is no standard for any ratio. Only rules of thumb for all the ratios are accepted and followed.
Hence, the interpretation of ratio is difficult.
 Complicated and Misleading Conclusion

Ratios may make the comparative study more complicated and misleading conclusion on account of
changes in price level.
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 Inherent Limitations of Accounting
Historical nature of information are used for calculating ratios. The reason is that the financial
statements are prepared on historical information. It is an inherent limitation of accounting. Hence,
the ratios are not necessarily be true indicators of the future.
 Time lag in Calculation and Communication
The financial statements are prepared only after the completion of accounting year and then approved
by a qualified auditor. These financial statements are published after annual general body meeting is
over. It requires six months to nine months. If so, there is no use of calculation and communication of
ratios.
 A Change in the Accounting Procedure

A change in the accounting procedure refers to change in the valuation of inventories. If the business
concern follows FIFO method for calculating the valuation of inventory first and then charged to LIFO
method. In such a case, the value of closing stock is reduced and increase the cost of sales. If so, gross
profit and net profit are reduced to some extent. Under this situation, the stock turnover ratio, gross
profit ratio and net profit ratio are some what differ.
 No Complete Technique of Analysis and Interpretation
Ratio analysis is not only one technique of analysis and interpretation. It is used along with other tools
and techniques to draw any conclusion.
 Window Dressing
The window dressing of financial statements is very easy. If so, the weak financial position of the
business concern may be shown as strong financial position. In such a situation, an analyst may take
wrong conclusion and decision based on the calculated ratios. Hence, it is very difficult to an outsider
to know about the window dressing made by the business concern.
 Personal Bias
Different interested parties are using the same ratios in a different way. It leads to personal bias.
Nobody compel anybody in the analysis and interpretation of ratios.
 Ratios on Substitutes
Ratio analysis is just a tool of financial statements. Therefore, they are meaningless if they are
segregated from the financial statements from which they are computed.
 Not an end but only a means

Ratios are not an end in the themselves but they are means to achieve particular objective.
TYPES OF RATIOS:
Ratios can be classified on the basis of financial statements or on the basis of functional aspects.
8
CLASSIFICATION ON THE BASIS OF FINANCIAL STATEMENT:
CLASSIFICATION OF RATIOS:
Ratios may be classified in the following two ways:
1. Traditional classification
2. Functional classification
1. TRADITIONAL CLASSIFICATION
Traditional classification of ratios is done on the basis of the financial statements from which the ratios
are calculated. Under the traditional classification, the ratios are classified as:
(i) Balance sheet ratios

(ii) Income statement ratios and
(iii) Inter-statement ratios.
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 Balance sheet ratio
If both items in a ratio are from balance sheet, it is classified as balance sheet ratio.
 Income statement ratio
If the two items in a ratio are from income statement, it is classified as income statement
ratio.
 Inter-statement ratio
If a ratio is computed with one item from income statement and another item from balance
sheet, it is called inter-statement ratio.
2. FUNCTIONAL CLASSIFICATION
Functional classification of ratios is based on the purpose for which ratios are computed and it is the most
commonly used classification. Under the functional classification, the ratios are classified as follows:
(i) Liquidity ratios
(ii) Long term solvency ratios
(iii) Turnover ratios
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(iv) Profitability ratios
FROM DAY 7 TO DAY 10:
• The financial statement of Tata Motors ltd. Company to derive the Ratios for the year 2019,
2020 and 2021. I calculate ratios for the three years which is given by my instructor .
• Learned application of ratio through financial statements of real companies.
• Analysing the ratio and comparing with previous year and current year.
• Calculation includes, o Profitability o Liquidity o Solvency
CHALLENGES FACED:
• Doubts raise on Calculation of ratio in real trial balance.
• Calculation related to Equity shareholders fund.
• Calculation related to return on preference dividend.
11
CHAPTER – 3
TAX DEDUCTED AT SOURCE
The concept of TDS was introduced with an aim to collect tax from the very source of income.
As per this concept, a person who is liable to make payment of specified nature to any other
person shall deduct tax at source and remit the same into the account of the Central
Government. The deducted from whose income tax has been deducted at source would be
entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate
issued by the deducted.
TYPES OF TDS:
12
Objectives of income tax deducted at source
• To enable the salaried people to pay the tax as they earn every month. This helps the
salaried persons in paying the tax in easy installments and avoids the burden of a lump
sum payment.
• To collect the tax at the time of payment of income to various assesses such as contractors,
professionals etc.
• Government requires funds throughout the year. Hence, advance tax and tax deducted at
source help the government to get funds throughout the year and run the government.
TDS RATE ON SALARY:
TDS rates on salary are the same as the tax slab rates applicable to individuals. If you are less
than 60 years of age, your TDS liability will be nil in case your income is less than Rs.2.5 lakh.
Individuals who earn between Rs.2.5 lakh and Rs.5 lakh will be subject to TDS at 5%, while
those who earn between Rs.5 lakh and Rs.10 lakh will have a TDS liability of 20%, and those
who earn more than Rs.10 lakh will be subject to a TDS rate of 30%.
Under the new tax regime, no TDS will need to be paid for an annual income of up to Rs.2.5 lakh.
In case the annual income is between Rs.2.5 lakh and Rs.5 lakh, the TDS liability is 5%. In case
the annual income is between Rs.5 lakh and Rs.7.5 lakh, the TDS liability is 10%. In case the
annual income is between Rs.7.5 lakh and Rs.10 lakh, the TDS liability is 15%. In case the annual
income is between Rs.10 lakh and Rs.12.5 lakh, the TDS liability is 20%. In case the annual
income is between Rs.12.5 lakh and Rs.15 lakh, the TDS liability is 25%. In case the annual
income is above Rs.15 lakh, the TDS liability is 30%.
NEW SECTION 194S-
A person is liable for Tax Deduction at Source (TDS) at 1% at the time of payment of the transfer
of virtual digital assets.
SALE OF immovable property under section 194-IA-
It is proposed to amend the amount on which TDS should be deducted. The person buying the
property should deduct tax at 1% on the sum paid/credited or the stamp duty value of such
property, whichever is higher.
13
New Section 194R
TDS at 10% should be deducted by any person who provides perks or benefits, whether
convertible into money or not, to any resident for carrying out any business or profession
by such resident.
TDS is deducted on the following types of payments:
• Salaries
• Interest payments by banks
• Commission payments
• Rent payments
• Consultation fees
• Professional fees
However, individuals are not required to deduct TDS when they make rent payments or pay fees
to professionals like lawyers and doctors.
TDS is one kind of advance tax. It is tax that is to be deposited with the government periodically
and the onus of the doing the same on time lies with the deductor.
For the deductee, the deducted TDS can be claimed in the form of a tax refund after they file
their ITR.
TDS RETURN
A deductor has to deposit the deducted TDS to the government and the details of the same have
to be filed in the form of a TDS return.
A TDS return has to be filed quarterly. Different types of TDS deductions have to be filed using
different TDS return forms.
TYPES OF PAYMENTS COVERED UNDER SECTION 194J

An individual should deduct TDS at the rate of 10% when the following payments are made to a
resident, in a fiscal year (higher than Rs.30,000):
• Amount charged as professional services fee
• Amount charged as technical service fee
• Non-compete fee according to the Income Tax Act of Section 28(VA)
• Royalty
14
RATE OF TDS UNDER SECTION 194J
Nature of payment Threshold limit Rate of tax
Fees for professional service Rs. 30,000 10%
Fess for technical services Rs. 30,000 2%
and payment to call centers

(for FTS- 10% upto FY19-20)
Remuneration or fees to Nil 10%
Director (other than 192)
Royalty Rs. 30,000 10%
Non-compete fees Rs.30,000 10%
EXEMPTIONS TO TDS UNDER SECTION 194J:
1. No TDS should be deducted under section 194J if the amount paid or likely to be paid
during the financial year does not exceed Rs. 30,000.
2. TDS is liable to be deducted by all class of persons except Individuals and HUF. However,
if such Individual/HUF is liable to get his tax audit conducted under Section 44AB for the
previous financial year, this exception won’t be applicable and they would also be required
to deduct TDS under Section 194J.
15
SECTION 194J ON TDS
• Under Section 194J, Rs.30,000 is the maximum limit which is applicable to each item or
payment independently.
• TDS under this section is also applicable on commission or remuneration or fees given to a
company’s director, even though the amount is not a part of the main salary. In these cases,
the Rs.30,000 limit is not applicable.
TIME LIMIT TO DEPOSIT TDS UNDER SECTION 194J

The following guidelines on time limit for depositing TDS under the section must be followed:
• If the TDS deduction under Section 194J is made by the government or on behalf of the
government, the deposit has to be made on the same day.
• In other cases, TDS can be deposited within a week from the month-end in which the tax
deduction has been made.
• If the payment is made on the last day of the fiscal year, the TDS deposit must happen
within two months from that financial year’s end in which it was credited.
• Some special cases may be allowed to deduct TDS every quarter, provided the assessing
officer has approved.
SECTION 80C DEDUCTIONS LIST

Section 80C of the Income Tax Act provides provisions for tax deductions on a number of
payments, with both individuals and Hindu Undivided Families eligible for these deductions.
Eligible taxpayers can claim deductions to the tune of Rs 1.5 lakh per year under Section 80C,
with this amount being a combination of deductions available under Sections 80 C, 80 CCC and
80 CCD.
INCOME TAX UNDER SECTION 80C TO 80U

Some of the popular investments which are eligible for this tax deduction are mentioned below.
• Payment made towards life insurance policies (for self, spouse or children)
• Payment made towards a superannuation/provident fund
• Tuition fees paid to educate a maximum of two children
• Payments made towards construction or purchase of a residential property
• Payments issued towards a fixed deposit with a minimum tenure of 5 years
This section provides for a number of additional deductions like investment in mutual funds,
senior citizens saving schemes, purchase of NABARD bonds, etc.
16
The above figure is FORM 27A which shows a summary of e-TDS/TCS return (Form 24Q, 26Q,27Q
& 27EQ), which contains control totals of ‘Amount Paid’, ‘Income tax deducted at source’& ‘Tax
Deposited (Total challan amount)’. The control totals mentioned on Form 27A should match with the
corresponding control totals in e-TDS/TCS return file.
FROM DAY 11 TO 16
• I learned about a brief description about TDS and its scope. And I viewed about the TDS rate chart
for the financial year 2021-22 and also knowing about the Threshold limit.
• Particularly I learned about TDS under section 194J, 194C and 80C.
• I had done a presentation on a topic “TAX PLANNING THROUGH INVESTMENT”.
• Then I made an analysis of Budget 2022.
17
DAILY REPORT
DAY 1:
DATE : 15-03-2022
DAY : Tuesday
WORKING TIME : 9.00 AM TO 6.00 PM
EFFECTIVE HOURS WORKED : 8 hours
FIELD OF WORK : Financial accounting.
SCOPE OF WORK : To present the end results of the entity’s
Economic and financial activities.
DESCRIPTION OF WORK PERFORMED:
MORNING SESSION (9.00 AM TO 1.00 PM)
• Introduction about final accounts
• Application and importance of Final accounts
• Preparation of Financial Statement & Analysis of trial balance.
EVENING SESSION (2.00 PM TO 6.00 PM)

• Preparation of Financial Statement
• DERVIVE :
• Trading and profit and loss A/C
• Balance sheet
STATUS OF WORK ENGAGED - IN PROCESS

CHALLENGES FACED:
• Adjustments of ROUND OFF in P&L A/C
• Provisions of GST payable under the head of current liabilities in Balance Sheet
• Suspense Account in Balance sheet
• Deferred CGST, IGST and SGST under the head of current liability in Balance sheet.
LEARNING OUTCOMES:
• Learn to prepare ‘Final A/C’ from the Trial balance from the trial balance of Real
companies.
CLARIFYING ABOUT:
• Round off
• GST payable
• Suspense Account
REVIEWED BY:
18
DAILY REPORT
DAY 2:
DATE : 16-03-2022
DAY : Wednesday
Economic and financial activities
• Analysing and preparing financial statement of two companies.
• Preparation of Financial Statement.
• DERVIVE :
• Trading and profit and loss A/C
• Balance sheet
STATUS OF WORK ENGAGED: Completion of financial statement of two company.
CHALLENGES FACED:
• Posting of unsecured loans in liabilities side.
• Credit ledger in current liabilities.
• Posted lot of provision for tax and fees payable.
LEARNING OUTCOMES:
• Learn to prepare financial statement from the Trial balance of Real companies.
CLARIFYING ABOUT:
• Unsecured loans
• Credit ledger
• Provisions related to payables.
REVIEWED BY:
19
DAILY REPORT
DAY 3:
DATE : 17-03-2022
DAY : Thursday
Economic and financial activities
• Analysing and completing one financial statements.

• Derivation of Final Accounts.
• Trading and Profit & Loss A/C of one company.
• Balance sheet of one company.
STATUS OF WORK ENGAGED: Completion of financial statements of one company

CHALLENGES FACED:
• Regarding TDS receivable shown under current liabilities
• Provisions created against VAT payable
• Provisions created against CGST, IGST and SGST payable.
• Posting of paid in advance related items.
LEARNING OUTCOMES:
CLARIFYING ABOUT:
• Clarified about TDS, VAT, CGST, IGST, SGST and paid in advance.
REVIEWED BY:
20
DAILY REPORT
DAY 4:
DATE : 18-03-2022
DAY : Friday
• Preparation of final accounts of one company.

• Derivation of final accounts
• Trading and Profit & Loss A/C of one company
• Balance sheet of one company
STATUS OF WORK ENGAGED: Completed the final accounts of one company.

CHALLENGES FACED:
• Adjustments relating to returns, prepaid, loans and advances.
• Posting of excise duty retail sales under the head of indirect expenses.
• Provision created for TCS payable.
LEARNING OUTCOMES:
CLARIFYING ABOUT:
• Clarifying about TCS, Prepaid, returns , Loans and advances.
REVIEWED BY:
21
DAILY REPORT
DAY 5:
DATE : 19-03-2022
DAY : Saturday
• Introduction to preparation of projection report.
• Cost of project
• Means of finance.

• Complete of trading and profit and loss A/C.
• Completed cost of project and means of finance of one company.
STATUS OF WORK ENGAGED: Completed the preparation of financial statement of one

company.
CHALLENGES FACED:
• Term loan
• Cash credit facility from bank.
LEARNING OUTCOMES:
Learn to project the “Financial statements” it includes,
a) Cost of project
b) Means of finance,
• Partners contribution
• Cash credit facility from bank
• Term loan.
REVIEWED BY:
22
DAILY REPORT
DAY 6:
DATE : 21-03-2022
DAY : Monday
• Preparation of Projection report of new company.
• Cost of project
• Means of finances.

• Completion of trading and profit and loss A/C and Balance Sheet to analyse the Financial
position of a company.
• Complete cost of project and means of finance of two companies.
STATUS OF WORK ENGAGED: Completion of two companies.

CHALLENGES FACED:
• Posting of adjusting entries in the profit and loss account.
• Regarding projection related issues.
LEARNING OUTCOMES:
• Learned to project the Financial Statements.
• Issues related to Adjusting Entries.
REVIEWED BY:
23
DAILY REPORT
DAY 7:
DATE : 22-03-2022
DAY : Tuesday
FIELD OF WORK : Management accounting.
SCOPE OF WORK : To present the financial position of the company
……………………through ratio analysis.

• Introduction to Management Accounting.
• Importance of Management Accounting

• Preparation of Profitability Statement of a company.
• Preparation of Projected cash flow statement by using the Profitability Statement.
STATUS OF WORK ENGAGED: Completion of cash flow statement.

CHALLENGES FACED:
• Double raise on Calculation of partner’s contribution.
LEARNING OUTCOMES:
• Learned to calculate contribution of each partners.
REVIEWED BY:
24
DAILY REPORT
DAY 8:
DATE : 23-03-2022
DAY : Wednesday
SCOPE OF WORK : To present the financial position of the company
……………………through ratio analysis.

• Preparation of Projection Report.

• Preparation of profitability Statement.
• Preparation of a Projected fund flow statements.

• Preparation of Depreciation Schedule which is calculated under Written Down Value
Method.
• Analyse the Depreciation amount at the end of fifth year.
STATUS OF WORK ENGAGED: Completion of Fund Flow Statement and Depreciation

Schedule.
CHALLENGES FACED:
• Posting of items under the head of sources of finance and application of finance.
LEARNING OUTCOMES:
• Learned to post items related to sources of finance and application of finance.
REVIEWED BY:
25
DAILY REPORT
DAY 9:
DATE : 24-03-2022
DAY : Thursday
SCOPE OF WORK : To present the end result of the entity’s .
………………………………………………..Economic and Financial activities

• Introduction to Ratio Analysis.
• Application of ratios on real time Trial balance of a company[Example; TCS]
• Analysis the report of that company

• Calculation of ratios in the year 2019.
STATUS OF WORK ENGAGED: In process

CHALLENGES FACED:
• Double raise on calculation of ratio in real trial balance
• Calculation related to equity shareholders fund.
• Calculation related to returns on preference dividend.
LEARNING OUTCOMES:
• Learned application of ratio through financial statement of real company
• Clarifying about return on equity shareholders fund.
• Clarifying about return on preference dividend.
• Clarifying doubts on retained earnings.
REVIEWED BY:
26
DAILY REPORT
DAY 10:
DATE : 25-03-2022
DAY : Friday
SCOPE OF WORK : To present the end result of entity’s Economic
………………………………………………..and financial activities.

• Application of ratios through details of real companies trial balance.
• Calculation of ration of the previous company for the next year 2020.

• Calculation of profitability liquidity and solvency ratio.
• Analysing the ratio and comparing with previous year and current year.
STATUS OF WORK ENGAGED: Completed of ratio analysis of 2020.

LEARNING OUTCOMES:
• Learned application of ratio through financial statements of real companies.
• Learned to calculate profitability liquidity and solvency ratio.
• Learned to analyse the ratio.
REVIEWED BY:
27
DAILY REPORT
DAY 11:
DATE : 26-03-2022
DAY : Saturday
FIELD OF WORK : Accounting.
SCOPE OF WORK : Analyses of budget 2022
• Brief overview of budget 2022.
• Focus in area such as infrastructure, capital expenditure and digital India.

• Budget 2022 related with business
• Emergency credit line guarantees scheme [ECLGS].
• Tax incentives for start up extended for an year.
• Co-operative society gets tax and surcharge relief.
• Promote venture capitalist and private society
• Defence budget.
STATUS OF WORK ENGAGED: Presentation completed.

LEARNING OUTCOMES:
• Presented a brief description about budget 2022
• Learned about the tax slap rate.
REVIEWED BY:
28
DAILY REPORT
DAY 12:
DATE : 28-03-2022
DAY : Monday
FIELD OF WORK : Taxation
SCOPE OF WORK : To know about TDS.
• Introduction to tax Deducted at Source (TDS)

• A brief description about TDS and scope of TDS.
• Viewed about the TDS rate chart for the financial year [2021-2022]
• Knowing about the threshold limit.
STATUS OF WORK ENGAGED: In process

LEARNING OUTCOMES:
• Learned about TDS rate chart for the Financial year.
REVIEWED BY:
29
DAILY REPORT
DAY 13:
DATE : 30-03-2022
DAY : Wednesday
SCOPE OF WORK : To know about TDS.
Introduction to TDS on payment to contractor under section 194C.
• Application of section 194C

• Non-Applicability of section 194C
• Deduction of TDS as per section 194C
• Rate of TDS as per section 194C
• Exemptions under section 194C.
STATUS OF WORK ENGAGED: In process.

CHALLENGES FACED:
• When does TDS under section 194C need to be deducted.
LEARNING OUTCOMES:
• Learned about exemption limit deduction under section 194C.
REVIEWED BY:
30
DAILY REPORT
DAY 14:
DATE : 31-03-2022
DAY : Thursday
FIELD OF WORK : Accounting and Taxation.
SCOPE OF WORK : To know about TDS and its section.
• Section 194J- Fees for professional on technical services.
 Under section 194J

• Types of payment covered.
• Threshold limit for deducting Tax.
• Persons liable to deduct Tax
• Rate of Deduction of Tax under section 194J.
STATUS OF WORK ENGAGED: In process.

CHALLENGES FACED:
• Consequences of Non-Deductions.
LEARNING OUTCOMES:
• Learned about consequences of Non-deductions and also about time limit for payment of
Tax.
REVIEWED BY:
31
DAILY REPORT
DAY 15
DATE : 1-04-2022
DAY : Friday
FIELD OF WORK : Accounting and Taxation.
SCOPE OF WORK : To know about TDS and its section.
• Knowing about but Tax saving Investments under section 80C.
• Preparing a chart with Investment and when it is return and it shows a lock in period.

• Payment applicable for Tax saving deduction under section 80C.
a) LIC premium payments
b) Children’s tuition fees
c) Home loan repayment.
• Additional Tax-saving Investment beyond section 80C.
STATUS OF WORK ENGAGED: Completed.

CHALLENGES FACED:
• Doubts raised on negative percentage.
LEARNING OUTCOMES:
• Learned about Tax saving Investment under section 80C and also additional saving
Investment beyond section 8OC.
REVIEWED BY:
32
DAILY REPORT
DAY 16:
DATE : 02-04-2022
DAY : Saturday
SCOPE OF WORK : Presentation on ‘TAX PLANNING THROUGH
………………………………………………..INVESTMENT’.
• Introduction to Tax planning through Investment.

1) Knowing about types of tax planning.
• Purposive
• Permissive
• Short range
• Long range
2) Importance of Tax planning.
STATUS OF WORK ENGAGED: Completion of Presentation.

LEARNING OUTCOMES:
• Learned about Tax planning and its Types.
REVIEWED BY:
33
CONCLUSION
This Internship has been a very useful experience for me. I can safely say
that my understanding of the job environment has increased greatly. However, I do
think that there are some aspects of the Job that I could have done better and that I
need to work on. The two main things that I learned after my experience in this
auditing firm are the importance of time management and being self-motivated.
34

Final Internship Report 4

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Final Internship Report 4

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BUSINESS INTERNSHIP

M.COM (ACCOUNTING AND TAXATION)

PUDUCHERRY – 605 014.

PLACE : PUDUCHERRY G.YOGESWARY

DATE : ( Reg.No: 21311075)

I convey my utmost appreciation to CA Jayachander.V for his supervision and guidance

STUDENT NAME : G.YOGESWARY

DATE TIME IN TIME OUT HOURS MENTOR

16-03-2022 9.00 AM 6.10 PM 8 HOURS

17-03-2022 9.00 AM 6.10 PM 8 HOURS

18-03-2022 9.00 AM 6.10 PM 8 HOURS

19-03-2022 9.00 AM 6.10 PM 8 HOURS

21-03-2022 9.00 AM 6.10 PM 8 HOURS

22-03-2022 9.00 AM 6.10 PM 8 HOURS

23-03-2022 9.00 AM 6.00 PM 8 HOURS

24-03-2022 9.00 AM 6.00 PM 8 HOURS

25-03-2022 9.00 AM 6.00 PM 8 HOURS

26-03-2022 9.00 AM 6.00 PM 8 HOURS

29-03-2022 9.00 AM 6.00 PM 8 HOURS

30-03-2022 9.00 AM 6.00 PM 8 HOURS

31-03-2022 9.00 AM 6.00 PM 8 HOURS

01-04-2022 9.00 AM 6.00 PM 8 HOURS

02-04-2022 9.00 AM 6.00 PM 8 HOURS

SL.NO INDEX PAGE NO.

INTERNSHIP ATTENDANCE LOG

1 PROFILE OF THE COMPANY 1

4 TAX COLLECTED AT SOURCE (TDS) 8

NAME OF THE FIRM Ganesan and Company

23, Jawaharlal Nehru Street, Pondicherry – 605001.

ADDRESS Telephone No: 0413-2336884/2332015/2338975

1.) Auditing Services :

INDUSTRY Financial Services

HEADQUARTERS Puducherry, India

IMPORTANCE OF FINAL ACCOUNTS

COMPONENTS OF FINAL ACCOUNT

FROM DAY 1 TO DAY 6

RATIO ANALYSIS AND ITS APPLICATIONS

• To know the financial strength and weakness of an organization.

 Limited use of Single Ratio

 No Inter Firm Comparison

 Lack of Adequate Standards

 Complicated and Misleading Conclusion

 A Change in the Accounting Procedure

 Not an end but only a means

Ratios may be classified in the following two ways:

(i) Balance sheet ratios

(i) Liquidity ratios

(ii) Long term solvency ratios

(iii) Turnover ratios

FROM DAY 7 TO DAY 10:

TDS RATE ON SALARY:

NEW SECTION 194S-

SALE OF immovable property under section 194-IA-

to professionals like lawyers and doctors.

TYPES OF PAYMENTS COVERED UNDER SECTION 194J

Nature of payment Threshold limit Rate of tax

Fees for professional service Rs. 30,000 10%

Fess for technical services Rs. 30,000 2%

and payment to call centers

Remuneration or fees to Nil 10%

Director (other than 192)

Royalty Rs. 30,000 10%

Non-compete fees Rs.30,000 10%