Purchase Procedure

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LOVELY PROFESSIONAL UNIVERSITY
DEPARTMENT OF MANAGEMENT
Report on Summer Training
Purchase Procedure And
Functions of Establishments Accounts
in NFL, Nangal unit
Submitted to Lovely Professional University

In partial fulfillment of the
Requirements for the award of Degree of
Master of Business Administration
Submitted by:
Himanshu Bansal
K3R32B19

DEPARTMENT OF MANAGEMENT
LOVELY PROFESSIONAL UNIVERSITY
JALANDHAR NEW DELHI GT ROAD
PHAGWARA
PUNJAB

ACKNOWLEDGEMENT
No job or task can be completed without the co-operation and support of people around us. I being no exception had to seek the help of others to make this project successful. I would like to thank NFL for providing me with an opportunity to undertake industrial training, which has been a learning experience for me. My special thanks to my Project Head Mr. P.K. Chohan, Manager (F&A) and Mr. Anil Kumar Rana, Assistant Manager(F&A) who guided me a lot. My project would not have been completed without the guidance of my mentor Mr. Summit Goyal. A lot of individuals have contributed in the preparation of this project. I am thankful to all of them for their timely help encouragement, support, valuable comments, suggestions and many innovative ideas in carrying out this project. It is my proud privilege and pleasure to express deep sense of gratitude to these people.

Table of contents:
Sn.| Topics| Page no.|
1. | Executive summary( Objectives of study, Scope of study, research methodology, Review of literature)| 4-13| 2.| Background and company profile| 14|
3.| Board of directors| 15|
4.| Terms and conditions of P.O.| 16|
5.| General principles of purchase| 17|
6.| Role of consignee and consignor /Indents| 18|
7.| List of approved suppliers/vendorsDelisting and blacklisting of vendors| 19-20| 8.| Tenders and their classes| 21-23|
9.| Store main menu| 24-27|
10.| Purchase order information and payment terms| 28-30| 11 .| Functions of establishments accounts in NFL| 31-39| 12.| References| 40-41|

1. Executive Summary
Objectives of the study
1. To know about the purchase procedure in NFL, Nangal unit
2. To know about the how the material is being inspected at NFL stores And making of Store receipt voucher 3. To know about how the payment is made to preregistered parties/vendors 4. To know about the various functions of Establishments of accounts in NFL, Nangal unit Scope of the study

The study helps to know about the purchase procedure of any company, how a company places a PO(purchase order) to its preregistered parties/vendors, the terms and conditions of PO. The study helps to know how salaries of employees is prepared ,the components of employee monthly salary .The various welfare schemes a employee is entitled for in NFL. The income tax procedure for employees. How Medical bills can be reimbursed. The minimum conditions for the entitlement of gratuity fund. By knowing all the above one can easily understand the work environment of any company Research metholodogy:

Research Study
Data Collection:- In this Research we have used both the Primary Data & Secondary Data. Primary Data:- Data that has been collected from first-hand-experience is known as primary data. Primary data has not been published yet and is more reliable, authentic and objective. Primary data has not been changed or altered by human beings; therefore its validity is greater than secondary data. The source to collect the Primary Data, used in our Research is survey. Surveys can be conducted in different methods. Interview: Interview is a face-to-face conversation with the respondent. In interview the main problem arises when the respondent deliberately hides information otherwise it is an in depth source of information. The interviewer can not only record the statements the...
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