Thakraj 4th Sem.

8/3/2019 Thakraj 4th Sem.

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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


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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


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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


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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.


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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


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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.


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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.


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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


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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


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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


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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


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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


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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


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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.


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7. Lot of errors: The computer system isunable to detect unknown and

unanticipated errors.

Some Basic AccountingTerms


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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.


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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).


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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.


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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.


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Project work


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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.


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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.


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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


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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.


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FORMAT OF RECORDING IN COMPUTERISEDACCOUNTING SYSTEM

Voucher No. Date

Name

select

Amount

Narration

Credit

NAME AMOUNT Dr. AMOUNT Cr. NARRATION DATE

NAME


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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.


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BIBLIOGRAPHY

ACCOUNTANCY-D.K.GOEL

ORGANISATION DOCUMENTS

Thakraj 4th Sem.

Documents

Transcript of Thakraj 4th Sem.