Internship Report

Topics: Tax, Income tax, Value added tax Pages: 5 (1610 words) Published: September 7, 2010


You would think that three years of school, half a dozen accounting classes and about thirty business courses would prepare someone pretty well for an accounting internship. While I will admit that I may have missed a few classes, I doubt that is why my time at R.C.Maheshwari & Associates taught me more about accounting and business than anything I have taken in college .

I worked on New Horizon project and done tax returns & tally. I helped in recording receipt voucher, payment voucher, sales voucher and purchase voucher. When purchase goods attracting different rates of VAT, we have to create different purchase ledgers consisting of different tax rates. e.g. purchase@4%, purchase@12.5%, purchases@1% separately and have to create different Input VAT ledgers consisting of different rates. When we enter the vouchers in purchase, we can select the required purchase ledger. e.g. purchases@12.5% and record. Regarding the Input VAT ledgers we can select the required Input VAT ledger (e.g.Input VAT@12.5%) that comes under the concerned purchases. I had a huge variety of experiences and was fortunate to get the opportunity to work with so many different (and extremely talented) people. But the most important part of all this is that I was asked to do important tasks and given challenging assignments across this broad spectrum of experiences. That is what sets R.C.Maheshwari apart for me, and it is what made my internship special –R.C.Maheshwari & Associates will challenge you to take on as much as you can, even if it means making mistakes the first time around.


With little over a week under my belt at R.C.Maheshwari, Abishek took me out on a 401K plan audit where I have done vouching to make sure the plan had accurate records of participants and had followed the plan document in allocations, loans and other issues. I asked Abishek a lot of questions about why we did certain things, and even more questions that had nothing to do with the part I was working on at all. Each time Abishek made sure I understood his answers, and that I grasped the whole process instead of just telling me how to do my part. As we worked, issues came up that needed the controller’s clarification, and after our first set of questions, Abishek just told me to go ask about any issues I had on my own.

I thought it was really trusting of him to let the new intern just ask what I felt was appropriate, and while it may shock those with cubes near mine, I became a bit unsure about myself raising issues about the plan with a controller who had nearly forty years in age on me.

I also was fortunate enough to get the opportunity to do substantial work on a DASSANI TRANSPOWER audit with Abishek and Mukesh, and I completed significant portions of the audit program, especially on the assets portion. It was really neat to work on a small entity, because I really got a feel for how each part of the financial statements gets audited, assets & liabilities, revenue and expenses. The company deals in electrical goods like invertor, etc,.. It sells its goods throughout India and possess a good reputation in the market. The company turnover is about 25 crores. I have done cash, credit and bank vouching. Cash book is maintained to account for receipts and payments of cash. We should see that all the receipts have been recorded in the cash book. The vouchers should be arranged in chronological order. For bank vouching we have to take a reconciliation statement for every month so that we can check whether the balance transferred is proper or not. Yet again I found myself learning quite a bit about a topic that I knew nothing about before coming to R.C.Maheshwari!


Another assignment that I spent considerable time on was doing vouching for Arihant Power lines, which sharpened my balance sheet skills and taught me about the different types of strategies to be done in the businesses.The company...
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