SUMMER INTERNSHIP PROJECT REPORT

ON
‘AFAC HIGH SCHOOL AND JUNIOR COLLEGE’
SUBMITTED

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE

OF

BACHELOR OF COMMERCE
(HONOURS)
OF
AMITY UNIVERSITY MAHARASHTRA

SUBMITTED BY
GURVIR SINGH HEER
ENROLLMENT NO: A70004617002
(2017-20)
UNDER THE GUIDANCE OF
DR. MOHD. AFZAL

AMITY BUSINESS SCHOOL MUMBAI

AMITY UNIVERSITY, MUMBAI - PUNE EXPRESSWAY,
BHATAN- PANVEL, MAHARASHTRA 410206
CERTIFICATE FROM THE SIP ORGANISATION
 DECLARATION

I “GURVIR SINGH HEER” declare that, I have completed summer internship

project titled as “TITLE OF THE PROJECT” at “AFAC HIGH SCHOOL

AND JUNIOR SCHOOL” which is submitted in partial fulfillment of the

requirements for the degree of Bachelor of Commerce (Honours) of Amity

Business School Mumbai, Amity University Maharashtra during 2017-2020.

The information presented in this project is original work and does not form any

part of the project undertaken previously to the best of my knowledge.

DATE: Signature

GURVIR SINGH HEER

ROLL NO: BCOM-17003
 CERTIFICATE

This is to certify that the summer internship project report titled as “TITLE OF

THE PROJECT” at “AFAC HIGH SCHOOL AND JUNIOR COLLEGE

submitted by “GURVIR SINGH HEER” in partial fulfillment of the requirements

for the degree of Bachelor of Business Administration (Banking & Finance) of

Amity Business School Mumbai, Amity University Maharashtra during 2017-

2020.

DR. MOHD. AFZAL PROF. (DR.) A.K.S. SURYAVANSHI

PROJECT GUIDE DIRECTOR

DATE:
 TABLE OF CONTENTS

CHAPTE PAGE
PARTICULARS
R NO. NO.

CERTIFICATE FROM THE SIP ORGANISATION

DECLARATION
CERTIFICATE
ACKNOWLEDGEMENT
1. INTRODUCTION OF THE COMPNY
1.1 Company Profile 1
1.2 Mission, Vision of the company 2
1.3 Organization Structure 3
2. JOB PROFILE

2.1 Introduction 4
2.2 Accounting Assistant 6
2.3 Skills and Main Duties 9
2.4 Job Description 10
2.5 Job Duties 11
2.6 Additional Job Duties 11-13
3. INTERNSHIP STUDY
3.1 Recording, Reconciliation and audit of cash book 14
3.2 Cash book and its types 14
3.3 Petty cash book and its types 16
3.4 Case Report 18
3.5 Result and Key findings 20
4. CONCLUSION 21
 Company Profile

AFAC High School and Junior College is an education institute in Chembur, Mumbai. In 1960, there
was not a single English medium educational institute in Chembur. A need for the same was felt with
the aim to provide quality education but at an affordable rate which would then enable a large volume
of population to a whole new set of opportunities and a chance to grow both on a personal as well as
on an socio-economic status.

Taking this in mind, Shri. M. U. Mandlecha along with his colleagues Shri. B. G. Karekar and Shri K.
Y. Pandit joined hands for the noble cause of education. They brought the famous Music Director Shri.
Srinivas Khale on board and decided to start an English medium school in Chembur. On 9 th October
1963, ACADEMY OF FINE ARTS AND CRAFTS – TRUST, that is, AFAC was formed. In order to
start an educational institution, land and funds are the two basic needs. For land, Shri Mandlecha and
Shri Karekar requested Shri Krishnarao V. Purao, son of Shri V. N. Purao to lease his piece of land in
Subhash Nagar. Shri Krishnarao willingly did so. The need for funds was met by Shri Mandlecha and
Shri Karekar by contributing their salaries. With a very humble thought, on 13 th June 1964 in two
small rooms, AFAC English School started its two classes, one of KG and the other of the fifth with
51 students in all. In the very next academic year the rush of admission was so great that Shri
Mandlecha had to start 2 divisions in Class I and V. The total strength increased from 51 to 165.

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 Mission of the Company

AFAC High School and Junior College was started with the aim that “Offering food to a needy
person satisfies his one-time hunger, but offering education to a person gives him lifetime
satisfaction.”

The institute has to this day kept this motto on the forefront and strongly believes in imparting quality
education to the masses. Not only does the institute aim to create ethical, efficient and good citizens of
the state from the start that is by providing quality facilities at a very young age but also helps these
same students in their later stage that is by providing them with a pathway to success by enrolling
various students into their preferred streams where they believe their talents would be well utilized and
they would perform in a much better.

Since education in the 21st century goes beyond the classroom, the institute also boasts a wide set of
laboratories which help in providing a hands down experience and practical knowledge of the subject.
The institute has also won plenty of recognition and accolades in various Olympiads and other co-
curricular activities.

The institute also boasts a wide range of facilities in terms of sports. The institute has a huge football
ground, two badminton courts, a synthetic basketball court and a separate room for table tennis which
help in a child’s overall physical development as well.

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Organization Structure

Chiarman

Principal

Accounts Admissions Administration

3
 CHAPTER II – JOB PROFILE

INTRODUCTION

Work under Account Assistant in the internship was a very good experience.

An accounting is a very important for financial system. The experience helps to focus job search and
gives more credibility during the interview process. I worked under Account Assistant in the AFAC
High School and Junior College. The institute is very good and their employees are helped me during
my internship. Internships offer various occasion to interns during internship programs to expand
familiarity in their choose area of work, to find out what they have an importance in an exacting in
specific line of business, develop professional network links, build interpersonal skills. Internship
leads to the intern’s individual development through challenging occupational coursework. A typical
and worthy extra-curricular activity that helps develops credentials for their semester it is designed and
planned through consultation with the college or university so as to fit into the undergraduate practice.
It includes work experiences that go together with classroom learning. Internship programmed helps
interns to gains self-confidence during internship. As an Account Assistant internship for me is a
theoretical knowledge as well as a practical knowledge and professional work experience. This
internship is an unpaid internship, only for work experience.

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 Objective

1. To study an Account Assistant’s work

2. To study Organization, communication, and accounting skills.

3. Gain employment experience, desirable work ethic, and excellent problem-solving skills
seeking an accounting assistant position in the business.

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ACCOUNTING ASSISTANT

DEFINITION

“Under general supervision, performs difficult and varied financial and clerical accounting
working support of the Finance Department; process requests for payment; compile, reconcile, and
verify general accounting information and set up and maintain a variety of fiscal records, performs
general office support duties as assigned, including typing and record keeping.”

CLASS CHARACTERISTICS

The Accounting Assistant is the journey level class of the clerical accounting series, fully
competent to perform a variety of financial, customer service and accounting office support duties.
Incumbents are expected to be familiar with a diverse set of procedures and the situations and
transactions to which each applies. The Accounting Assistant must exercise judgment in examining
problems and determining steps to be taken before referring situations to a supervisor. General
supervision is provided by technical, supervisory or management personnel. Instruction is less
experienced clerical personnel may be involved on a project or training basis. This class is
distinguished from the Accounting Technician which is the specialist and/or lead level of the
accounting support classes and it is further distinguished from the Senior Accounting Clerk class in
that the latter is directly involved with utility billing and payment processes, whereas the duties of the
Accounting Assistant are more related to financial transactions and record keeping.

The Accounts Assistant will be a key part of our small finance team, reporting to the Finance Manager
and working alongside the Management Accountant in ensuring the efficient and smooth running of
the finance function. The ideal applicant will highly numerate and will have a logical and methodical
approach to their work. They will possess strong Excel skills and will have experience of working with
TAS books or a similar accounting software package. The successful candidate will ideally be AAT
qualified and will have at least two years’ experience of working in an accounts department, ideally
within a charitable organization.

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EXAMPLES OF DUTIES:

Responsibilities typically include basic accounting and administrative tasks that support a
qualified accountant or accounting department. A supervisor, such as a staff accountant or accounting
manager, typically determines the tasks an accounting assistant performs. An accounting assistant’s
activities can vary from day to day depending on the role.

Essential:

 Perform banking and reconciling of all statements with banks and a variety of institutions listed
as city depositories.
 Prepare and manage investment reporting.
 Prepare treasury report.
 Prepare various journal entries to record: investments, wire transfers, quarterly interest,
monthly service fees, corrections or transfers, year-end receivables and year-end adjustments.
 Maintain and monitor inventory of fuel and records of sale, prepare commission payment and
quarterly report of Underground Storage Tank Maintenance.
 Report and record franchise fee receipts
 Record fixed assets
 Assist in the preparation of the City’s budget and financial statements
 Perform detailed payment and record keeping procedures for special accounts
 Important: Perform a variety of general office support work such as organizing and
maintaining various files, typing correspondence, reports, forms, and specialized documents,
and proofreading and checking materials for accuracy.
 Operate a variety of standard office equipment including a personal or on-line computer.

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 The level and scope of the knowledge and skills listed below are related to job duties as
defined under Class Characteristics. Knowledge of basic business data processing principles and
practices as applied to financial record keeping, bookkeeping and basic governmental accounting.
Basic auditing, principles and practices. Modern office practices /and procedures, including filing and
record keeping and the operation of standard office equipment. Business arithmetic, including
fractions, decimals, percentages and ratios. Correct business English usage and the standard format for
typed materials.

 What Does an Accounting Assistant Do?

If you’ve ever wondered, “What is an accounting assistant?” you might be surprised at the
diversity that this job entails. Jalyn Smith, who has worked as an accounting assistant for one year,
explains that her job includes everything from assisting with payroll to handling accounts payable to
processing expense reports. On a normal workday, Ms. Smith also reconciles bank statements and
applies codes to report line items.

Many accounting assistant jobs require specialized skills, and Ms. Smith’s is no different. As she
explains, she handles some higher-level payroll tasks such as “reconciling insurance bills and payroll
deductions.” She also uses industry software like SAGE and Bill.com for accounts payable tasks.

Working as an accounting assistant can be a fast-paced position. During a typical workweek, Ms.
Smith typically dedicates two days to collecting employee data from the previous week and then
reviewing and posting the information to the relevant payroll application. The rest of the week
involves gathering and reconciling data for check runs and expense report runs.

An accountant’s primary function is to organize financial data and make recommendations

based on that data. However, it isn’t really fair to make sweeping generalizations about what
accountants do because there are several different types of accountants. While the bare bones of each
accounting field might be the same, the specifics can vary widely

 The main types of accountants are:

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 Financial accountant

 Management accountant

 Tax accountant

 Government accountant

 Project accountant

 Forensic accountant

 Social accountant

 Public accountant

SKILLS & MAIN DUTIES

Performing detailed numerical work with speed and accuracy while meeting critical

Deadlines. Organizing and prioritizing a high volume of work in order to meet recurring deadlines.
Preparing, maintaining and reconciling various complex financial, accounting, statistical, billing and
numerical records. Use automated spreadsheets and other fiscal record keeping systems. Understand,
interpret and apply instructions, policies and procedures related to processing and recording payment
transactions. Organizing, researching and maintaining office files. Making arithmetical calculations
with speed and accuracy. Using initiative and sound independent judgment within established
procedural guidelines. Operating standard office equipment, including a personal computer.
Understanding and carrying out oral and written directions. Typing with sufficient accuracy to enter
data into a computer and produce forms and correspondence. Establishing and maintaining effective
working relations with those contacted in the course of work.

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MAIN DUTIES:

 Received records and process all new admissions.

 Ensure all purchase and invoices have been authorized and coded before entering onto the
purchase ledger.
 Verify calculation and input codes into the account system in an accurate manner.
 Receive and process all expense claim form and request for payment.
 Deal with petty cash as a when required and ensured reconciliation is done at the end of the
each month.
 To be responsible for Banking of cheques and the cash received and cash paid books.
 Maintain both cash payment and received books and update them on regular basis by printing
online Bank statement.
 Pro-forma invoices, Quotation making, Data entry, Tally erp9,

JOB DESCRIPTION

Employees in this job correct, process and reconcile a wide variety of accounting

documents such as invoices, departmental billings, employee reimbursements, cash receipts, vendor
statements, and journal vouchers; review and code financial information; prepare and process
documents to disburse funds, make deposits and prepare reports; compile and review

Information for accuracy; and maintain records. Work is performed by applying knowledge of
accounting terminology and using spreadsheets and/or automated accounting systems.

There are four classifications in this job.

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 1. Accounting Assistant 5: This is the entry level. The employee performs a range of accounting
assistant assignments while learning the methods, processes, and procedures of the work.

2. Assistant 6: This is the intermediate level. The employee performs a range of accounting
assistant assignments in a developing capacity.

3. Accounting Assistant E7: This is the experienced level. The employee performs a full range
of accounting assistant assignments and uses judgment in making decisions where alternatives
are determined by established policies and procedures.

4. Accounting Assistant 8: This is the advanced level. The employee either functions as a lead
worker overseeing the work of others or as a senior worker. Senior-level employees
consistently perform complex assignments beyond those expected at the experienced level and
which have been approved by Civil Service.

JOB DUTIES

The job duties listed are typical examples of the work performed by positions in this job
classification. Not all duties assigned to every position are included, nor is it expected that all positions
will be assigned every duty.

Process payments and documents such as invoices, journal vouchers, employee

reimbursements, and statements. Calculates rates paid for purchases and all price extensions. Verifies

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items billed against items ordered and received and reconciles differences through follow-up with the
vendor and/or other employees. Enters, updates, and/or retrieves accounting data from automated
systems. Posts financial data to appropriate accounts in an automate accounting system, according to
instructions. Reviews on-line transactions for changes and accuracy and corrects errors. Retrieves
system reports and assigns codes to data. Disburses funds using manual/local warrants or petty cash
and makes change according to specific instructions. Endorses warrants or money orders, prepares
account deposit ticket, and deposits money as directed.

Files and removes records and reports. Operate standard office equipment. Performs related work as
assigned.

ADDITIONAL JOB DUTIES

 Accounting Assistant E7

Determines content and assembles data in order to prepare monthly reports for review. Reconciles
transactions, financial data, and other information to an automated accounting system. Pre-audits,
verifies, and processes employee expense claims reviewing rules for employee compliance.

 Admission Documentation

Filing and completion of all necessary documents for enrollment of new students into the institute for
the new academic session

 Managing Tally ERP-9

Tally software is a complete Accounting, Inventory, Taxation and Payroll software. Tally ERP 9 is the
maximum recent as well as popular software program used by firms around the world.

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 Tally ERP 9 software is considered as one of the best Accounting software worldwide. Tally is
capable of handling almost any kind of business transactions. Tally ERP 9 software is being used by
individuals and business corporate to maintain their books of Accounts. It is important to maintain
record of all monetary transactions.

DATA ENTRY:

A data entry clerk is a member of staff employed to enter or update data into a computer

system. Data are often entered into a computer from paper documents using a keyboard, optical
scanner, or data recorder.

The keyboards used can often have specialist keys and multiple colors to help in the task and speed up
the work. Proper ergonomics at the workstation is a common topic considered.

 Data Entry Skills:

 Proficient typing skills.

 Computer skills and knowledge of relevant software

packages.

 Basic literacy and numeracy skills.

 Organizational abilities.

 Administrative skills.

 Good communication skills, both written and verbal.

 A polite phone manner.

 Good customer service skills.

 ACCOUNTING ETHICS:
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 Accounting ethics is primarily a field of applied ethics and is part of business ethics and
human ethics, the study of moral values and judgments as they apply to accountancy. It is an
example of professional ethics. Accounting introduced by Luca Pacioli, and later expanded by
government groups, professional organizations, and independent companies. Ethics are taught
in accounting courses at higher education institutions as well as by companies training
accountants and auditors. Due to the diverse range of accounting services and recent corporate
collapses, attention has been drawn to ethical standards accepted within the accounting
profession. These collapses have resulted in a widespread disregard for the reputation of the
accounting profession. To combat the criticism and prevent fraudulent accounting, various
accounting organizations and governments have developed regulations and remedies for
improved ethics among the accounting profession.

 Ethical issues in accounting:

 Provide fair and accurate reporting of the financial position of a business and ethical issues
include: Reporting income, falsifying documents, allowing or taking questionable deductions,
illegally evading income taxes, engaging in frauds etc.

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 CHAPTER III –Internship Study:

Recording, Reconciliation and internal audit of petty cash book and

supplementary cash books

What is a cash book and petty cash book?

A Cash Book is a type of subsidiary book where cash (or) bank receipts and cash (or) bank payments
made during a period are recorded in a chronological order. Receipts are recorded on the debit – the
left hand side, and payments are recorded on the credit – right hand side.

Entries are recorded just like a ledger account with the help of “To” and “By”. The number of cash
transactions in a business is generally large, hence it is convenient to have a separate cash book to
record such transactions.

In case a transaction affects both the cash and the bank account, a contra entry is recorded. There are
3 types of a cash book.

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Single Column Cash Book

Also known as a simple cash book or a one column cash book, a single column cash book has one
relevant column on each side which shows the simple “receipts” and “payments” of cash. Receipts are
shown on the left side and the right side is for payments.

Sample Format of One Column Cash Book

Date Particulars LF. Cash Date Particulars LF. Cash

Receipt Receipt Receipt Payment Payment Payment

Receipt Side Payment Side
Side Side Side Side Side Side

Receipt Receipt Receipt Payment Payment Payment

Receipt Side Payment Side
Side Side Side Side Side Side

Balancing

Just like any other account, it is balanced at the end of a period. The total of receipts should always be
greater than the payments. The difference is mentioned on the credit side as “Balance c/d”. The
balance on the debit side is then written with “To Balance b/d”, this is the beginning cash balance of
a business for the next period.

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Double Column Cash Book

Also known as a two column cash book, a double column cash book is the one which has a “Bank”
column in addition to the regular “Cash” column. Just like the other type of books, it records receipts
from cash and bank on the left side and payments – on the right side.

Sample Format of Two Column Cash Book

Date Particulars Cash Bank Date Particulars Cash Bank

Petty Cash Book

Petty Cash Book is an accounting book used for recording expenses which are small and of little
value, for example, stamps, postage and handling, stationery, carriage, daily wages, etc.

These are expenses which are incurred day after day; usually, petty expenses are large in quantity but
insignificant in value. To record such expenses, a different book known as a petty cash book is
maintained. It may be maintained by ordinary or by the imprest system.

Simple Petty Cash Book

This type of book is maintained just like a cash book. Any cash, which the petty cashier receives, will
be recorded on the debit side (left) cash column of the book and any cash which he pays out will be
recorded on the credit side (right) cash column of the book.

Sample Format of Simple Petty Cash Book

Amount Received C.B Folio Date Particulars Voucher No. Amount Paid

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Analytical Petty Cash Book

Considered as the most beneficial method of recording petty cash payments. In the analytical version,
a separate column is used for each commonly occurring item of expenditure such as stamps, postage &
handling, stationery, wages etc.

A column for “sundries” is usually added for miscellaneous payments. When a petty expense is
recorded on the right hand side of the book, same amount is also recorded in the proper expense
column.

Also called a three-column cash book, a triple column cash book has “Cash”, “Bank” and “Discount
Allowed” on the receipt on the left side and “Cash”, “Bank” and “Discount Received” on the
payments are on the right side of the cash book. Cash discount is recorded, when payments are made
in cash or by check.

Sample Format of Three Column Cash Book

Date Particulars Discount Cash Bank Date Particulars Discount Cash Bank

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 Case Report

During the course of my internship I was assigned the task of recording, reconciling and auditing of
cash book and petty cash books. Since these transactions are very high in frequency and also recurring
in nature it becomes very hard to keep a physical track of these transactions and often leads to wrong
closing balances or mismatched closing balances.

On several occasions I was unable to reconcile the physical bills with that was recorded on the tally
and other softwares. This required physical checking and examination of all the bills and then entering
them into the database. Once all the bills and the expenses have been recorded, both the cash book and
the petty cash book need to be balanced and closed at the end of the month for internal auditing and
verification. This usually took 2-3 days as the number of transactions recorded were high.
Discrepancies and mistakes were very minimal since these were filtered out by the database system
itself. Also at the end of the month the chief accountant would ask me to classify all the expenses into
broad categories for easier identification as to where expenses were high and where they can be cut
short.

Month Printin Office AFAC Student Maintenanc Miscellaneou Miscellaneou

g Refreshment car Welfar e s Expense s expenses
s expens e (Billed)
expenses (Not – Billed)
e expense
June’1 47,855 6,270 8,500 18,100 11,600 19,920 1,851
9
July’19 46,020 6,423 9,100 18,000 - 27,230 1,600

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 Expenses for the month June

2%
17%

42%
10%

16%
7% 5%

Printing Office Refreshments AFAC car expense Student welfare expense

Maintenance expense Misc. (Billed) Misc. (Not-Billed)

Expenses for the month July

1%

25%

42%

17%

8% 6%

Printing Office Refreshmentss AFAC car expense Student Welfare Expense

Maintenance Expense Misc. Expense(Billed) Misc. Expense(Not-Billed)

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 Result and Key Findings

A quick glance at the charts shows that expenses in the petty cash book have been classified into seven
main heads and it can also be noted that that these small and recurring expenses are stable for the
duration of the research period. Other major points that can be noted are as follows: -

 Printing and other stationery expenses constitute majority of the expenses in the institute,
which is not a surprising fact since the organization is affiliated to academics
 Student welfare expense saw a slight increase of 1% in the month of July since the monsoon
had kicked in and certain sufficient arrangements had to be arranged for the students as well as
staff
 Miscellaneous expenses (not-billed) was static over the course of research period
 Miscellaneous expenses (billed) rose from 17% to 25% due to increase in official affairs
 Refreshments for staff in the offices was also static for the research period
 AFAC car expense that is mainly fuel expenses for the official car that the institute owns also
increased 1% in the month of July
 Most notable change was that of maintenance expense. The institute carried out servicing for
all the air conditioners in the institute in the month of June. Since, these expenses were non-
recurring in nature, they are not reflected in the month of July.

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 CONCLUSION

The primary goal of this report is to identify action initiative make an advantage for a future. This
project of Account Assistant in the organization concern is not merely a work of the project but a brief
knowledge and experience of that how to create financial accounting of the firm. It constitutes every
aspects of my internship beginning from the details of organization and the study undertaken has
brought in to the light of the following conclusions. According to this project I complete my internship
to know that from the account assistant, it is clear that AFAC High School and Junior College Project
report concept about recording transactions, quotations, data entry, Tally erp9, and this project report
and internship will help me in my future.

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 Bibliography

 AFAC High School and Junior College

 Investopedia.com
 Accounting standards.com

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