INTERNSHIP REPORT

M/S AMIT O P SHARMA & CO

CHARTERED ACCOUNTANT

Submitted in partial fulfilment of the requirements for the degree of

Masters of Commerce, specialization in ‘Accounting and Finance’ as
2nd semester’s hard-core paper.

PONDICHERRY UNIVERSITY

TO SUBMITTED BY

FACULTY ADVISOR SALLY WYNGBEE RYMBAI

DR. S SHIJIN MASTER OF COMMERCE
PROFESSOR (ACCOUNTING AND
DEPARTMENT OF COMMERCE TAXATION)
PONDICHERRY UNIVERSITY 22311053

1
 CONTENTS
Sl. CONTENTS Page
No no.
1) Declaration……………………………………………………….. 3
2) Acknowledgement……………………………………………. 4
3) Introduction of Internship ……………………………….. 5
4) Attendance Sheet …………………………………………….. 7
5) Profile of the Company …………………………………….. 8
6) Daily Report ……………………………………………………… 9
7) Skills and knowledge ………………………………………… 26
8) Limitations ……………………………………………………….. 27
9) Conclusion ……………………………………………………….. 28

2
 DECLARATION

I, SALLY WYNGBEE RYMBAI, student of Pondicherry

University, hereby declare that this is a bonafide record of my
work conducted at an Audit Firm of Amit O P Sharma & Co. in
Shillong, Meghalaya as a part of fulfilment of the
requirements for the award of the degree of M. Com in
ACCOUNTING AND TAXATION programme of Department of
Commerce, School of Management, Pondicherry University.
This report has not formed the basis for the award of any
degree / diploma or other similar title to any candidate of any
other university.

SALLY WYNGBEE RYMBAI

REG NUMBER: 22311053

3
 ACKNOWLEDGEMENT

I would firstly like to take this opportunity to express my

profound gratitude to Sir Amit Sharma for allowing me an
opportunity to work under his firm.
I would also like to thank Sir Shubrojit, Sir Santosh, Sir Raj, Sir
Nirendra, Sir Nitessh, Sir Sambhalang and Ma’am Priyanka
who are employees of Sir Amit. They taught me a lot and
helped me grow. Without them this internship would have
not been a success.
I would also like to express my gratitude to Sir Shijin whose
guidance helped me choose the right internship. I’m thankful
for Sir’s guidance, help and support.

SALLY WYNGBEE RYMBAI

REG NUMBER: 22311053

4
 INTRODUCTION

Internship programme is like an opportunity for the students

to gain experience in the professional field of work. It is
according to the interest and needs of each student. It helps
the students to explore more apart from their academics and
prepare themselves to learn and develop new skills and
ideas. It also provides us an opportunity for our future.
I had done my internship in an audit firm at Amit O P Sharma
& Co which is located in Police Bazaar, Shillong, Meghalaya. I
started my internship from 10th May 2023 till 26th May 2023.
This internship is a part of my Master’s degree in Master of
Commerce (M.Com). In my academics I learned about the
theorical knowledge of the business but it was through this
internship that I gained the practical knowledge and skill of
working in the real world.
The working environment in the audit firm was different from
what I expected. The employees were kind, helpful and
helped me gain a lot of knowledge and skills. During the 15
days of the internship, I was determined to do my best and
complete the work that would be given to me on time.
This internship had given an experience which would be
really beneficial for my future.

5
 SCOPE OF THE INTERNSHIP

The main scope of internship is to provide the students a

clear description of the role or work he or she has to perform
in the real world in regards to a particular work. It helps
students to gain experience and exposure. It also allows the
students to use their skills, knowledge and theoretical
practice to use.

OBJECTIVES OF THE INTERNSHIP

The internship helps to develop and improve the

communicational and technological skills of a student. It
helps the students to understand the real world application
and also to develop the self-confidence, assertiveness and
basic work habits of oneself. It also provides the student an
opportunity to have a peek at what working in the real life
would be like.

6
 ATTENDANCE SHEET

DATE TIMING TIMING LUNCH HOURS

(IN) (OUT) BREAK WORKED
10-05-2023 10 AM 7 PM 1 PM TO 9 HOURS
2PM
11-05-2023 10 AM 7 PM 2PM TO 3 9 HOURS
PM
12-05-2023 10 AM 7 PM 1 PM TO 9 HOURS
2PM
13-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
15-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
16-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
17-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
18-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
19-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
20-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
22-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
23-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
24-05-2023 10 AM 6 PM 1 PM TO 8 HOURS
2PM
25-05-2023 10 AM 7 PM 1 PM TO 9 HOURS
2PM
26-05-2023 10 AM 7 PM 1 PM TO 9 HOURS
2PM

7
 BACKGROUND OF THE COMPANY

Amit O P Sharma & Co is one of the well-known Chartered

Accountant in Shillong which have been in working for years.
He passed his Bachelors from North Eastern Hill University
and went on pursuing further studies in The Institute of
Chartered Accountants of India. He is a finance professional
who helps manage the budget, audit, taxes and also the
business strategies of his clients.
Amit O P Sharma is known by the local people as well as
people from outside the state. The services provided by him
are upto the mark. The employees working under him also
are really helpful and focuses on customer satisfaction. His
firm grows day by day. He recruits people who are dedicated
in their work and puts in a lot of work for the betterment of
the firm. Almost majority of the businesses in Shillong, both
small and big, are his clients. Amit O P Sharma & Co cater to
their customer requirements and his staffs are polite and
quick at providing to his customers’ needs.
His firm is located at the heart of the city in Police Bazaar
which is easily accessible to all people. It is located near
Pegasus Hotel where even the first-time visitors can locate his
firm easily.

8
 DAILY REPORT

DAY 1:
10-05-2023
On the first day, Sir Amit Sharma asked me to go along with
Sir Niteesh, who works in the audit firm, and do audit in Red
Cross. It is about 2.5 kms away from the audit firm. Red Cross,
Laban acts as a hospital in the early days but at present it has
a pharmacy and serves as a medical centre for minute illness.
Sir Niteesh, one of the employees in the firm, guided me in
the works to do in the Red Cross. They gave us a lot of books
of accounts including their bank statements where we need
to check for the audit work. While looking through the cash
account, we found that there was a shortage of an amount of
Rs. 12,000 and an amount of Rs. 500 was miswritten in the
rent. Then, we also found out that they issued a cheque
which was signed but without the amount written and also
the cheque of a huge amount of over rupees one lakh was
signed only by a staff.
When we came back to the office, they gave me some paper
works. I had to verify the calculations of Umroi Community
Health Centre. I had to calculate the Bank Reconciliation
Statement and the Balance Sheet where the calculations
were correct and no changes were to be made.

9
DAY 2:
11-05-2023

On the Second day, I learned how to use and record data in

Tally Prime. I recorded the savings account of Manoj Kumar
Agarwala which is of Axis bank statement. The account has a
joint holder which is C/O Binod Kumar Jagdish Prasad. His
shop is located In GS Road, Opposite Veterinary Lama
Villa,Iewduh, Shillong, Meghalaya.
I entered the entries which were to be recorded under
different heads. For example, the bank interest and bank
charges will be kept in the bank interest account and the
bank charges account respectively and the entries which I
was not sure as to where to keep I kept it in the suspense
account inorder for it to be easier for them to check and keep
it in the right heads of account. I entered the entries for the
month of September and October.
Then, I had to do vouching for Umsning Community Health
Service (CMC). I was given the receipts of its various expenses
and also a sheet in which the expenses were recorded. I had
to verify whether all the expenses are all recorded.
Then, I had to again continue the tally entries for Manoj
Kumar Agarwala. I started the entries from 01/04/2022 till
24/08/2022.

10
Then I started to record another entry for M/S Krishnas which
is a shop in the heart of the Shillong city. It offers various
products and is popularly known for the cloth fabrics. I
recorded the entries only for one month from 01/05/2022 to
31/05/2022.
I then started recording entries for Dr. Diganta Kumar Das
who is an ENT or Otorhinolaryngologist who has a clinic in
Guwahati, Assam. I recorded his SBI bank statement account.
I recorded the entries from 15/07/2022 to 31/03/2023.

Day 3:
12/05/2023

I was assigned to enter the bank statement in Tally of a local

dry fish vendor named Leishon Pyngrope. I had to enter the
data from the bank statement of the Meghalaya Rural Bank
which was from the year 2020.
After I’m done with this I started doing vouching for Parish U
Khrist which is located in Marbisu, Meghalaya. I had to check
whether the bills and the cash memos are accordingly
recorded in their books of accounts or not. I had to check it
was written on the file of printed papers which was given to

11
me. I had to check their salary, miscellaneous expenses,
electricity bills, travelling expenses of Parish U Khrist Marbisu.
All the vouchers were recorded in the paper and there were
no changes to be made.
Later, I again started with recording the tally entries of Dr.
Diganta Das. I recorded the bank statements of his Canara
bank account. I entered the tally entries from the month of
April 2022 till March 2023.

Day 4:
13/05/2023

I entered the entries again of Dr. Diganta Kumar Das. I

recorded the bank statements of his HDFC Bank. Most of the
entries were that of Sagar UPI, Dhruv transfer, Gas subsidy
account which was of Rs. 53.5 and suspense account for the
accounts I was not sure of.
I then did vouching where I was given a bunch of envelopes in
a file which was named only Coffee on the front. I had to
check whether the bills are matching the records. Inside the
envelope there were vouchers of different heads and I had to
check for the travelling expenses, the hotel expenses,
travelling expenses, the archives, archive (make my trip-
Vistara), archive (audit fees) and archive (salary).
12
I again started recording the entries of Manoj Kumar
Agarwala. I recorded the bank entries from his Kotak
Mahindra Bank. It was mostly interest on Kotak loan, bank
charges, drawings and suspense account.

Day 5
15/05/2023

I started making tally entries for Sabita Devi Agarwala from

01/04/2022 to 30/03/2023. I made the entries from her
Kotak Mahindra Bank statements.
I then made entries of Sabita Devi Agarwala from 07/05/2022
to 31/03/2023. I recorded the bank entries from HDFC bank.
I then made another entries for Manoj Kumar Agarwala &
Sons HUF which was of HDFC bank. I made records from
28/06/2022 till 31/03/2023.
I was assigned to record the bank statements in tally of Durga
Ghosh. I recorded the transactions from 06/04/2022 to
28/03/2023.

13
Day 6:
16/05/2023

On the second week, I was assigned to do audit in

Chillibreeze. Chillibreeze is a non- government or private
company which was established in 2006. It has a team of
talented display designers who deliver PowerPoint graphic
design services for consultants all over the world. It also
offers a wide range of products and services including
cooking spices and masala, essential and aromatic oils, whole
spices, ayurvedic powder, medicinal herbs and medicinal
plant. Chillibreeze Solutions Private Limited also majorly deals
in transport, storage and communication business services
for over 17 years.
I was assigned to work in the Finance Department of
Chillibreeze. I got assigned to go with Sir Raj who is an
employee in the audit firm. He guided me on the things I
have to do and then left to the office. Then, I was given over
20 files which contained their various bank receipts and cash
receipts. Chillibreeze has two accounts namely, Zizira and
Muezart. Under these heads, there are many accounts
inclusing Farm, Units, Saphai, Tiny cabins and Umphrew.
I started checking the payment vouchers where I was given a
print out of the recorded entries of the payment of the
company by the employee of Chillibreeze. I was finding it
difficult as in the printed paper, both the bank and cash
payments were jumbled up.

14
Day 7:
17/05/2023

The next day also I had to do the audit work in Chillibreeze. I

had to do vouching for the Units. I checked the cash receipts
which were from the files and searched whether the receipt
had been recorded in the printed paper. Most of the receipts
I did not find it to be recorded in the paper. The cash receipts
which I did not find, I kept records of them in another paper
where I will show them later.
When I inquire the employees of Chillibreeze regarding the
unrecorded records, they decided to show me through the
computer for the tally. They said maybe that would help me.
But even by looking through the tally entries, it was still not
helping as it was not there.
Later, after proper analysing I realised that they were not
keeping their book of accounts properly.

15
Day 8:
18/05/2023

I continued the work in Chillibreeze where I finished the cash

transactions of the units and then started with the bank
payments.
I then checked the bank receipts of Zizira account. While
doing the vouching, I again came through the same difficulty
where I could find most of the payment vouchers were not
recorded in the tally entry.
While looking into the entries, I found out that Chillibreeze
was taking the products made by the Rural Resource Training
Centre (RRTC) which is one the most famous organization in
Meghalaya and selling and transporting their products all
over the world. RRTC is an independent organization which
helps the less privileged farmers where they train them in
improving their skills in agriculture and farming.
The products taken by the Chillibreeze from the Rural
Resource Training Centre (RRTC) were honey, naturally grown
spices and herbs and turmeric.

16
Day 9:
19/05/2023

On the fourth day in Chillibreeze, I again checked the

remaining bank and cash payments of both the accounts.
Most of the payment vouchers which I did not find in the tally
entry were that of M/s Thworlin Kurbah, Bluedart, Indian oil,
B.C. Bros, Sanbha Medical, 7000 steps vouchers, the
electricity bill, Spitex Exports (OPC) Pvt Ltd vouchers and
some of the cheques which were given to the employees.
I found that most of the dates that were recorded in the tally
entries were not matching with the dates of the vouchers.
Also, some of the entries which were not of the financial year
2022-2023 are also recorded in the succeeding month or the
month after. This maybe because the vouchers were paid
later and not in the same month.
Before leaving, I gave one of the employee the paper where I
recorded the vouchers which were not there in tally and she
agreed to look into it and get back to me the next day.

17
Day 10:
20/05/2023

The next day when I reached Chillibreeze, the employee

clarified some of the unrecorded entries which I did not find.
She told me to look deep into each account in the tally as
they may have added a number of vouchers in one single
entry. This was a challenging task as I had to look into their
different heads of accounts and in each accounts, there were
more than thirty- five entries in each month.
I found a few entries which were added together and entered
into the tally as one single amount and without any proper
narration. This made me realise the importance of writing
narration in the tally entries.
I also found some accounts were not kept in proper heads of
accounts.
Then, I finalised the remaining vouchers. I again kept the
records of the entries which I found in the payment vouchers
and not recorded in tally. I discussed with two of the
employees in the finance department of Chillibreeze and they
asked me that they will need some time to look into it. Then,
they told me to meet them again in the following week
inorder to clarify the entries.

18
Day 11:
22/05/2023

The next day I reached the audit firm, I spent a few hours
talking with Sir Raj, the employee in the firm who assigned
me to do the work. I told him about the various difficulties I
faced in the week while doing the audit work in Chillibreeze. I
showed him the various vouchers which I did not find in the
tally entry, the vouchers which were not recorded in the
proper date and that most of the vouchers are calculated
together and recorded in one tally entry without any proper
narration. I also told him that they asked me to visit
Chillibreeze again in order for them to rectify the unrecorded
entries.
Then, I was assigned to do vouching for the Presbyterian
Church of Pohkseh, Shillong, Meghalaya. I was given different
envelopes where different vouchers were kept and printed
documents which contained the recorded vouchers. I had to
check whether all the vouchers were recorded in the
documents. I had to check the salary, miscellaneous
expenses, travelling expenses, expenses for delegates, food
expenses and electricity bills.
After doing the vouching, I was assigned to enter the bank
account in tally for Will Store. It is a departmental store
which is located in Pohkseh, Shillong, Meghalaya. I made the

19
entry for the State Bank of India bank account. I made the
entries from 04/04/2022 to 29/03/2023.
Most of the entries were for the sale of goods, bank interest
and bank charges. Some accounts which I was not sure where
to put I kept it in suspense account.

Day 12:
23/05/2023

I was assigned to enter the tally entries for the owner of

Suhagan Sarees. The Suhagan Sarees shop is located in Police
Bazaar, Shillong, Meghalaya. It is most popular and is a
leading business in the saree retailers in Shillong. It also offers
a wide range of products for both men and women.
I entered the tally entries for the owner of Suhagan Sarees. I
entered the entries from their bank statements of Axis Bank
from 08/04/2022 to 23/03/2023.
I was then assigned to enter entries of the Finacle account of
Mr. Lyngdoh who was a landowner. There were not much
entries for this account.
Then, I was assigned to record the tally entries for the family
business of the Agarwal family. I recorded in tally the entries
20
of Varsh Agarwal, Varnish Agarwal, Manoj Agarwal and Sneha
Agarwal from their respective bank passbooks.
After recording all these transactions, one of the employee in
the audit firm taught me a bit about Tax deducted at
source(TDS).
I was assigned to add the Permanent Account Number (PAN)
of their clients in an excel sheet. The Permanent Account
Number (PAN) of each of the clients was available in one
folder under their own respective names. Then I had to
generate a report which shows the interest calculations for a
particular assessment year. I generated a report of the
company namely Shillong Office which showed the interest
calculations for the period of 01/01/2023 to 31/03/2023
under RULE 119A for assessment year 2023-2024 for form
number: 26Q. In the report, it was shown that there was a
penalty for the Tax Deducted at Source.

21
Day 13:
24/05/2023

I was assigned by Ma’am Priyanka to do enter in tally the

bank statement of Pakha Tesia. He is one of the well known
consultant psychiatrist in Shillong who has a clinic named
‘Mind and Wellness Clinic‘. His clinic is located in
Laitumkhrah, Shillong , Meghalaya and has been establishes
since the year 2000.
I recorded the bank entry of his Federal Bank account. Most
of the entries here are mainly kept in the suspense account
for Ma’am Priyanka to look into except for the drawings, bank
interest and bank charges. The entries recorded were that
from 01/04/2022 to 31/03/2023.
Then, Sir assigned me to do a work which was done after
filing the Tax Deducted at Source (TDS). Here, an automated
test software namely TRACES which is a TDS Reconciliation
Analysis and Correction Enabling System, does the work
automatically by itself and all I had to do was to enter the
captcha and I had to click ‘OK’ whenever needed.
The TDS Return is to be filed and downloaded in order to
generate a certificate that the firm will give to the deductor
so that he will give to the deductee for filing the return.
I had to request for some returns and for some I had to
download the certificate under Form 16A (26Q) for the

22
assessment year 2022-2023 for the fourth quarter. This is to
be done before 20th May 2023.

Day 14:
25/05/2023

I was assigned to enter in tally the bank entries of Pakha Tesia

for HDFC Bank. This account is a joint bank account.
The entries recorded in these entries are mainly for the cash
deposits, NEFT transactions, drawings which are mainly
expenses for shopping and movies and also Fixed Deposit
(FD) transactions. I recorded the bank statement which was
from 01/04/2022 to 31/03/2023.
I then was assigned to do vouching for Word of Christ
Ministries which has a book room which deals in supplying
gift articles, Bibles, church supplies and many more Christian
related items. I was given different files which contained the
vouchers and I had to check whether these vouchers are
recorded in the excel sheet. The vouchers were that of salary
of the workers, rent, travelling expenses, electricity bill, water
expenses, food expenses, repairs and maintenance and
miscellaneous expenses. Most of these vouchers were
recorded except for the rent of August 2022 and the salary of
one of the workers.

23
Then, I had to enter the bank statement of Pekha Tesia which
was of State Bank of India. This account was a Public
Provident Fund (PPF) account. This bank statement had only
two entries. This account was different from the other entries
I recorded as this was recorded in Journal which is F7 from
the Tally ERP 9. I recorded the transaction for 18/04/2022
and 31/03/2023. The first entry was kept in PPF account and
the second entry was kept in PPF interest account.
In the evening, Sir Raj informed me that the employees of
Chillibreeze had called and told that they were ready with the
verifications. When I reached Chillibreeze, one of the
employees showed me the paper which I had written the
unrecorded vouchers, showed me that they had another
excel sheet where all the vouchers were recorded and told
me to look into it.
The excel sheet was more detailed and had different sheets
for each month of the payment and receipts respectively.
They even wrote the number of the tally entries alongside
with the vouchers.
Then, all the vouchers were recorded in tally.

24
Day 15:
26/05/2023

I was assigned to record the bank statement of Pinky Harlalka

in tally. I recorded the transactions from 05/04/2022 to
29/03/2023. Most of the entries were that of drawings, cash
deposit, bank interest and bank charges.
I was assigned to do vouching for the Indian National Trust for
Art and Cultural Heritage (INTACH), Meghalaya. INTACH is a
non-profit organisation which is keen to preserve the cultural
legacy of Meghalaya. The vouchers which I had to check were
under the head of Archive and Photo expenditure.
Then, Sir taught me a work that I found a bit difficult. I had to
calculate the maturity value of the cheques of different
people along with the interest rate and enter it in tally in the
Journal which if F7 according to the respective account
number and name.
As I was doing the work i found out that most of the entries
from the bank statements of their clients were not recorded
in tally. Then I had to first record the entries for different
people and under different bank accounts namely Ashok Kr
Harlalka, Ashok Kr Harlalka (HUF), Mamta Harlalka and
Poonam Harlalka and their bank accounts were of Punjab
National bank and the Meghalaya Cooperative Apex Bank Ltd.

25
 SKILLS AND KNOWLEDGE

In the 15 days of working in Sir Amit’s Audit firm, I gained a

lot of skills and knowledge. It was my first time working in an
actual office and doing the real work. It showed and made
me realised how the world worked in real life.
While working in the audit firm, I learned the skill of using the
most important software namely, Tally ERP 9. The firm had
helped me sharpen my knowledge regarding Tally ERP 9
which would be really helpful in my future especially in the
corporate world.
Even though the time was short, but I learned a few things
regarding the Tax Deducted at Source. I learned to use the
software for generating the report and to be very careful
while recording the data.
I am also able to improve my communication skills when I
went for audit and it helped me gained my confidence while
working alone.

26
 LIMITATIONS

 The audit firm had a small work place.

 There were less computer systems but the number of

employees were more. This puts the task that was
assigned to me being kept on hold.

 Sometimes the software lags due to too many usage,

this also affects the task being assigned to me.

 The working hours were sometimes 9 hours instead of 8

hours.

 In the bank statements, sometimes the closing balances

does not match and I had to reverify the previous
balances by checking the tally entries from all the
months respectively.

27
 CONCLUSION

The 15 days internship while working in Sir Amit Sharma’s

office has made me see life through a different perspective. I
gained the practical knowledge and understanding of the
work life. It taught me various skills, knowledge and
responsibilities that was needed that would be a huge benefit
in my future. I am grateful for Sir Amit and team for the
experience and training. This internship has been a golden
opportunity for me for learning and self-development.

28