thakraj 4th sem
TRANSCRIPT
-
8/3/2019 Thakraj 4th Sem.
1/29
A
TRAINING REPORT
ON
Recording of The Transfer Vouchers AT
THE KAITHAL CO-OPERATIVE SUGAR MILLS LTD.
( Kaithal )
SUBMITTEDIN PARTIAL FULFILLMENT OF THEREQUIRMENT FOR THEAWARD OF
MASTER DEGREE IN BUSINESS ADMINISTRATION
FOR THE
SESSION 2011
Submitted To : SubmitBy :IMS Thakraj
(Institute of Management Studies) Roll No. 06Semester ivMBA-5 years
Institute of Management StudiesKurukshetra University, Kurukshetra
-
8/3/2019 Thakraj 4th Sem.
2/29
CONTENTS
S.N. Particulars Page No.
1. Diclaration 12. Acknoledgement 23. Industory Profile 3
Computerised Accounting 4System.
Features of Computerised 4accounting system
Advantage of computerized 6accounting system
Limitation of computerized 8accounting
Some Basic Accounting Terms 104. Project work 13
Meaning of voucher Types of voucher Cash voucher Transfer Voucher
Format of transfer voucher
-
8/3/2019 Thakraj 4th Sem.
3/29
DECLARATION
I, Thakraj , hereby declare that project entitled
Recording Of The Transfer Vouchers was assigned to me
by The Kaithal Co-Operative Sugar Mills Ltd. during my 4
weeks training for the partial fulfillment of MBA degree
from KURUKSHETRA UNIVERSITY , KURUKSHETRA.It is the original work done by me and the information
provided in the study is authentic to the best of my
knowledge.
This study has not been submitted to any other
Institution or University for the award of any other degree.
Signature
-
8/3/2019 Thakraj 4th Sem.
4/29
ACKNOWLEDGEMENT
Heartfelt Thanks to the following people..A few typewritten words of thanks can not really
express the sincerity of my gratitude. But I am still trying
to put into words my gratefulness towards all who have
helped & encouraged me in carrying out this project.I feel immense pleasure in expressing my deep
sense of intentness and gratitude to Mr. D.B.Ahhalawat(C.A.O.) for the approval of training.
I would like to express my sincere thanks to Ms.
B.S.Badhwa (accountant) for allowing me to carry out the
Project Work and use all the facilities and documents
required for the same and for their valuable inputs and
guidance during the course of training.Last but not the least; I am thankful to all the staff
for lending a supporting hand during the project.
-
8/3/2019 Thakraj 4th Sem.
5/29
-
8/3/2019 Thakraj 4th Sem.
6/29
Computerized Accounting System
A computerized accounting system is that
accounting information system that helps inprocessing the financial transactions and
events as per the generally accepted
accounting principles (GAPP) and leads to
the generation of reports as per the
requirements of the user.
An accounting system weather manual orcomputerized
has two parameters , namely,
1. It has to follow the defined concept sknown as the
accounting principles and2.it has to maintain the userdefinedstructure for
-
8/3/2019 Thakraj 4th Sem.
7/29
maintenance of records and generation
of reports.
Features of computerized accounting
system
The computerized accounting system isbased on the concept of databases. It does
not involve the process of creating and
maintaining journals, ledgers etc. which are
necessary in the manual accounting system.
A computerized accounting system comprises
of the following main features:
1) It facilitates on-line input and storage ofaccounting data.2)In this system , the recording oftransactions i.e.
-
8/3/2019 Thakraj 4th Sem.
8/29
storing of data in database is done
manually and
all other calculations are done bycomputers.
3)In this the stored data are processedautomatically by
the software to give us ledger accounts.
4)In this, transactions once recorded arestored in the
database which will produce trial balance
automatically.
5)In this , financial statements aregenerated from the
software itself and therefore there is no
need toprepare a trial balance.
-
8/3/2019 Thakraj 4th Sem.
9/29
6)It generates a print out purchase andsales invoices.
7)It facilitates a system of codification ofaccounts and
transactions.
8)It facilitates grouping of the variousaccounts.
9)It generates different reports quickly.
Advantage Of ComputerizedAccounting System
-
8/3/2019 Thakraj 4th Sem.
10/29
The computerized accounting system has
various advantages over the manual system
which are given below :-1. High Speed :The accounting speed of a
computer is much faster than that of a
human being.
2.
High Reliability : The extent of reliability ofthe information generated by a computer
is immense . the reliability remains the
same despite the volume of the work
whereas the reliability of a human work can
be doubtful in case of voluminous work.
3. Accuracy : the accuracy of a computercannot be doubted once a particular
program is fed. All the results based on
such program would be 100% accuratewhereas the results produced by a human
-
8/3/2019 Thakraj 4th Sem.
11/29
being can very due to fatigue,
carelessness, etc.
4. Updation of information : All the relatedrecords in a computer get automatically
updated once any information is purchased
in, whereas in case of manual accounts all
the records will have to be altered one byone.
5. Efficiency: The computer based accountingsystems ensure better and efficient use of
resources and time.
6. Legibility : The data displayed on acomputer screen is clear and legible thus
avoiding errors caused by untidy writing in
a manual accounting system.
7. Lower cost : The cost of maintainingaccounts under the computerized system is
-
8/3/2019 Thakraj 4th Sem.
12/29
much lower as compared to the manual
system.
8. Timely Reporting : In computerizedaccounting system facilitates the generation
of the management information system
(MIS) reports at a very high speed which
enables the management to quick decisions,whereas the generation of the same
reports manually is very time consuming
and less accurate.
9. Flexible Reporting : In computerized system, the data can be processed further to
obtain the desired report. For example ,the
debtors owing more than Rs. 10,000 or
20,000 or 50,0000 can be obtained very
easily.
10.Storage and Retrieval : It enables the usersto store data in a manner that does not
-
8/3/2019 Thakraj 4th Sem.
13/29
require a large amount of physical space
which is in the form hard-disks, CD-Roms
,floppies that occupy a fraction of physicalspace as compared to the books of
accounts in the form of ledger ,Journal and
other accounting registers.
Limitation of computerizedaccounting system
Despite many advantages
offered by a computerized accounting
system it is not free from limitations.
Various limitations of a computerized
accounting system are as follows:
1. Staff opposition: Introduction ofcomputers lead to a lot of retrenchment
-
8/3/2019 Thakraj 4th Sem.
14/29
as well as complication of activities
which result in resistance of the staff.
2. High cost of training:The sophisticatedcomputerized accounting packages
generally require specialized staff
personnel, which leads to heavy amount
of cost of training.
3. Adverse effects on health: The excessiveuse of computers may lead to various
health problems like eye strains, back
aches, muscular pains etc.
4. Security problems: Fraud andembezzlements are usually committed on
a computerized accounting system
through alteration of data. People
responsible for tampering of data can
-
8/3/2019 Thakraj 4th Sem.
15/29
not be located in a computerized set
up whereas the same can be easily
done in case of manual records.
5. System failure : System failure due tohardware failures, attack by viruses,
system down etc. are the usual
problems faced by a computerized
accounting system.
6. Wastage of time: A lot of significanttime is wasted when an organization
switches over to the computerized
accounting system due to changes in
the working environment and other
adjustments.
-
8/3/2019 Thakraj 4th Sem.
16/29
7. Lot of errors: The computer system isunable to detect unknown and
unanticipated errors.
Some Basic AccountingTerms
-
8/3/2019 Thakraj 4th Sem.
17/29
Accounting : Accounting is the art ofrecording, classifying, summarizing the
transactions in a significant manner andin term of money which are ,in part at
least, of a financial character and
interpreting the results thereof.
Assets : anything which will enable abusiness enterprise to get cash or a
benefit in future is an asset. For
example, land machinery ,building, stock,
bank balance etc.
Income : Income is different fromrevenue. Amount received from sale of
goods is called Revenue and the cost
of goods sold is called Expenditure.
-
8/3/2019 Thakraj 4th Sem.
18/29
Surplus of revenue over expenses is
called Income.
Expenses : Expense is the costincurred in producing and selling the
goods and services.
Stock : The term stock includes thevalue of those goods which are lying
unsold at the end of accounting period.
Liabilities : It refers to the amountwhich the firm owes to
outsiders(excepting the amount owed to
proprietors).
-
8/3/2019 Thakraj 4th Sem.
19/29
Journal : A Journal is a book oforiginal entry in which transactions are
recorded in the order in which theyoccur i.e., chronological order.
Leger : The book which contains aclassified and permanent record of allthe transactions of a business is called
the ledger.
Trial balance : The statement preparedwith the ledger balances, at the end of
financial year(or at any other date) to
find out whether debit total agrees with
credit total is called Trial Balance.
-
8/3/2019 Thakraj 4th Sem.
20/29
Financial Statement : Financial statementrefers to such statements which report
the profitability and the financial positionof the business at the end of the
accounting period.
Profit and Loss account : A profit andloss account is an account into which
all gains and losses are collected, in
order to ascertain the excess of gains
over the losses or vice versa.
Balance sheet : Balance sheet is astatement at a particular date showing
on one side the traders property and
possessions and on other hand the
liabilities.
-
8/3/2019 Thakraj 4th Sem.
21/29
-
8/3/2019 Thakraj 4th Sem.
22/29
Project work
-
8/3/2019 Thakraj 4th Sem.
23/29
The project assigned` to me by The Co-operative
Sugar Mills Kaithal during my 4 weeks training , was a
practical work of recording of the Transfer vouchers intocomputerized accounting system.
During my training I did entry of transfer vouchers of
nine months i.e., since May 2010 to Jan 2011
Meaning of voucher : A voucher is a document whichprovides the authorization to pay and on the basis of
which the business transactions are, first of all,
recorded in the books of accounts. A separate voucher
is prepared for each transaction and it specifies the
accounts to be debited or credited. The form of voucher
varies from firm to firm since vouchers are printed
separately by different firms in there own names.
There are two types of vouchers:- Cash voucher- Non-cash vouchers / Transfer vouchers
Cash Vouchers : Cash vouchers are prepared for cashtransactions i.e., cash receipts and cash payments.
-
8/3/2019 Thakraj 4th Sem.
24/29
Transfer Vouchers: These vouchers are prepared fornon-cash transactions such as :
- For credit purchase or credit sale of goods- For credit purchase or credit sale of investments- For credit purchase or credit sale of fixed assets- For return of goods purchased or sold on credit- For providing depreciation- For writing off bad debts Contents of Transfer Vouchers: Usually the following
information is contained in non cash voucher :
i. Date of preparing voucher.
ii. Serial number of voucher.
iii. Name of account debited name of account
credited.
iv. Narration i.e., a brief explanation of the
transaction together with necessary details.
v. Net amount of transaction.
vi. Source document number.
-
8/3/2019 Thakraj 4th Sem.
25/29
Format of A Transfer Voucher
TRANSFER VOUCHERTHE KAITHAL CO-OPERATIVE SUGAR MILLS LTD.
KAITHAL ( HARYANA )
Voucher No... Date.....
DEBIT AMOUNT_______________________________________________________________________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Total_Rs________________CREDIT____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_______________________________________TotalRs._____________
Accountant c.a.o cashier
-
8/3/2019 Thakraj 4th Sem.
26/29
During recording of transfer vouchers on
computerized accounting system were following :
1. Sometimes instead of selecting the name from the listwrong name is written then it becomes difficult to find outthis error.
2. Sometimes wrong amount is entered.
3. It was difficult to write narration for me because of nothaving the knowledge of the subject.
4. Sometimes wrong date was entered then it becomes
difficult to manipulate it as there have to change in thecolumns of excel sheet.
5. Sometimes because of having too similar name or morethan one of same name than it becomes difficult to choosethe right one.
In such condition I used to note down the problems onpaper.
6. If there would not be any name which is required thenfor that name new account was prepared in ledger option.
-
8/3/2019 Thakraj 4th Sem.
27/29
FORMAT OF RECORDING IN COMPUTERISEDACCOUNTING SYSTEM
Voucher No. Date
Name
select
Amount
Narration
Credit
NAME AMOUNT Dr. AMOUNT Cr. NARRATION DATE
NAME
-
8/3/2019 Thakraj 4th Sem.
28/29
STEPS OF RECORDING OF TRANSFERVOUCHERSSTEP 1 Voucher number is entered then press enter.
STEP 2 Date is entered then press enter.
STEP 3 Name is entered (only few words) then a list ofresemble names occurs in the right hand side showingin dictionary order then press enter..
STEP 4The required name is selected then press enter..
STEP 5 Select between debit and credit options then pressenter.
STEP 6Amount is entered then press enter.
STEP 7 Narration is written then press enter doubles times.
Then entry is automatically entered into excel sheet.
-
8/3/2019 Thakraj 4th Sem.
29/29
BIBLIOGRAPHY
ACCOUNTANCY-D.K.GOEL
ORGANISATION DOCUMENTS