114

INTRODUCTION

In today's world academic education is not adequate to enable a

student to compete with confidence and reach his/her goal without

having experience with the outside world, in order to have an idea and gain

experiences, we. the students of Faculty of Commerce, St Xavier:s

College of Management & Technology have to undertake four weeks

internship program at any organization.

As a part of my BCP Program, the four weeks internship program gave me

the opportunity to have a practical knowledge on auditing

procedure. The assignment was how a chartered accountancy firm

performs an audit and also to gain a knowledge and practical

experience on how audit work is performed in corporations, companies and

non-profit making organizations.

To face much more complex and challenging business world in the

challenging business areas, practical knowledge is essential to expand our

theoretical base. To gather this practical knowledge, we were

forwarded different organization after completing BCP Program. As I

have an intention to become a chartered accountant. I was forwarded to H.

L Shah & Associates, a prominent chartered accountancy firm in Patna

This study gave me an opportunity to observe and perform real

world knowledge about the audit procedure. which is followed by the

 115

chartered accountancy firm. In the internship period I could relate the

theoretical knowledge of auditing to practical exposure.

Origin of the Report

The internship program is mandatory requirement for the student who are

graduating from the B P program under the faculty of Commerce of

Aryabhatt Knowledge University. In the internship program I was

engaged in a host firm named H. L. Shah & Associates. For four weeks

period. I have learned how an audit is conducted. I also [earned about the

audit procedures of chartered accountant firm and how the engagement is

done in case of an annual audit. As a result I have decided to write a

report about the audit procedures of H. L. Shah 8 Associates from practical

knowledge that I have observed.

OBJECTIVES OF THE STUDY

• To have an overall idea about the audit procedures of H. L.

SHAH 8 ASSOCIATES.

• To gain practical knowledge and experience on how H. L. SHAH

& ASSOCIATES performs an audit and how audit work is

 16

performed in corporations, companies and non-profit making

organizations.

* To identify about how to accumulate and process evidences to

make an audit report.

SCOPE OF STUDY

I have been assigned in H. L. SHAH & ASSOCIATES that gave me

tremendous scope to familiarize with the audit procedure of the

organization. Major parts of scope are point out below;

a) Background of the host organization and also their position.

b) Audit procedure, which is followed by the organization for

performing any audit.

c) Nature and importance of it has depicted in this study.

d) Audit methodology of the firm, which is followed by the

organization for performing any audit.

 F 117

e) Audit administration of the firm, which is followed by the organization for

performing any audit.

METHODOLOGY OF COLLECTION OF INFORMATION

In order to prepare the assigned project paper I have collected

necessary information from two types of source as follows:

1) Primary sources information.

2) Secondary sources information.

Primary sources information

1. I have collected primary information by working with two audit team.

2. Discussing with engagement partner, audit manager, audit staff and

articled student.

Secondary sources information

1. l have also collected secondary information like annual audit report,

management audit report, accounting system & audit working papers.

2. The information was obtained from various corresponding files of the

frrm.

LIMITATIONS OF THE STUDY

The study is conducted with an objective to make a thorough study of

e.xternal audit procedure. I have availed many facilities and faced some

obstacles during my study. These obstacles may be termed as

limitation of the study. These limitations are as follows:

a) Scheduied time span was not sufficient to cover all information.

b) As an independent audit firm the information of the case study is not

adequate for this study.

c) To some extend the exact audit procedure is not followed due to

time and other constrains.

d) As the internship was the first practical experience, it was not

possible for me to know all and everything of audit procedure.

 CHAPTER-2
4- Firm's Profile

+Profile of the firm +

Background

❖Our commitment +

Vision

+Registration of Firm

+Our team

❖ Profile of CA Pravind Kumar Singh

 n

Firm's Profile

PROFILE OF THE FIRM

Name of the Firm: H. L. Shah & Associates

Date of Registration: February 1988

Address: F - 57, Dreams Mall, LB S Mary,

Bhandup(west), Mumbai - 400 078.

Fax: 022-2166 3065

Phones: 09820952337

E-mail: hishah.fca@grnail.coni

Web: www.hlshahfca.com

Patna Office: 401, A Block, Gagan Apartment,

Exhibition Road, Patna 800001

 Background

H. L. Shah & Associates was established in Feb 1988, it is a leading

chartered accountancy firm rendering comprehensive professional

services which include audit, management consultancy, tax

consultancy, accounting services, manpower management, H. L. Shah &

Associates is a professionally managed partnership firm. The Team

consists of distinguished Chartered Accountants, corporate financial

advisors and tax consultants. The firm represents a combination of

specialized skills, which are geared to offers sound financial advice and

personalized proactive services. Those associated with the firm have

regular interaction with industry and other professionals which enables the

firm to keep pace with contemporary developments and to meet the needs of

its clients_

Our commitment

We are committed to provide consistent, customized and workable

solutions to our clients and strive to support our services With the

highest revel of professionalism, efficiency and technology.

 F 1 11

Vision

To accomplish the assignment through the experience of firm's

partners & professional staff and also to arrange specific technical

expertise from our associates of various streams of professions.

Registration of Firm

H. L. Shah & Associates Chartered Accountants Firm is registered

under the institute of Chartered Accountants of India in the year 1 9 8&

OUR TEAM

• CA H. L. SHAH is Fellow Chartered Accountant, Commerce

Graduate, Law Graduate, Felbw of Insurance Institute, 84 DISA

(I AI) is a member of the Institute of Chartered Accountants of

India (I AI) since Feb, 1988. He has vast experience in

accounts, audit, project finance, management consultancy,

consultancy of direct and indirect taxes and expert opinion on

various matters and handling corporate affairs in different areas.

 F n.
• CA FiRAVIND KUMAR SINGH is Associate Chartered Accountant,
Commerce Graduate and DISA (I AI) and is a member of
Institute of Chartered Accountants of India since Feb, 2008, He
has quality experience in accounts, audit of all kinds and
consultancy of various nature.

• CA BINAY KUMAR is Associate Chartered Accountant, Master in

Commerce and is a member of institute of Chartered Accountants
of India since June, 2010, He has qua* experience in accounts,
audit of all kinds and consultancy of various nature.
 F 124

Profile of CA Pravind Kumar Singh

A. PRAVIND KUMAR SINGH is providing a Cost- Effective

Alternative for book-keeping and accounting needs of our valuable

clients. We are processing day-to-day accounting transactions and

handling reporting needs (MIS) of all types and sizes of business

organization by our trained professionals, having expert knowledge of

various laws & computer applications, SAP & other software, giving us the

edge to handle complex & challenging job thus ensuring the highest

degree of standard in providing these kind of services & it includes:-

1 Assistance in maintenance of necessary books of accounts of the

company.

2 Transactions Management (IT— enabled processing of financial

transactions)
like accounting transaction processing including accounts receivable,

accounts payable, payroll processing, expenses, bank reconciliation,

assets accounting, leases and credit appraisal.

3 Finalization of Accounts on monthly, quarterly, half-yearly & annual

basis.

4 Translation of foreign currency transactions into INR and accounting

thereof.

5 Conversion of Financial Statements from foreign currency into iNR and

vice-versa.

6 Financial reporting on monthly, quarterly, half-, yearly & annual

financial

statements including performance analysis (variance in budget &

actual) &

forecasting.

7 Liaison with auditors for finalization of accounts.

8 Supervision of the accounting transactions to ensure compliance with best

accounting practices.
9 Application & implementation of suitable internal control system &

procedures as per the requirement of the organization.

 117

LITERATURE REVIEW

CHAPTER•3.1
a-AUDIT PROCEDURE IN INDIA

• General Definition of audit process and procedure

• Audit process and procedures in India

 F In

AUDIT PROCEDURE IN INDIA

General Definition of audit process and procedure

Auditing is a significant part of the company's compliance efforts.

Properly executed, audits will enable to identify conduct which may

violate the federal and state laws or detect weaknesses in the claim

development and submission process. Audits also will enable to

appropriately target and measure the effectiveness of its educational

efforts, ensure that appropriate corrective actions have been taken and

quickly identify problems in the claim development and submission

process which give rise to civil or criminal exposure.

Audit process

It is a sequential order of steps followed by the auditor in the

examination of client records. The audit process may vary depending

upon the nature of the engagement, its objectives, and type of audit

assurance desired. The process includes understanding the particular

clients environment, conducting the auditing procedures and tests,

appraising the audit results, and communicating the results to

interested parties.
 F Is.

Auditing procedure

it is auditor technique in gathering auditing evidence to substantiate the

reliability of the accounting records. The auditor evaluates whether the

information presented is logical and reasonable. Examples of auditing

procedures are observing assets to verify existence and amount (e.g,, fixed

assets ), collecting independent confirmations from extern al parties (e.g.,

bank confirmation), evaluating internal control, appraising

management's activities, and obtaining management representations. The

audit procedures to be followed on an engagement are indicated in the audit

program. The work papers indicate what has been done on the audit,

Audit process and procedures in India

The audit firm India are regulated and guided by the Institute of

Chartered Accountants CFI India. ICA.I has suggested and provided the firm

with different subject regarding auditing.. Like others it has suggested

auditing procedures that can be followed by the audit firm in India in its

Audit Practice ManuaL

Audit process suggested by Audit Practice Manual (APM) may be

summarized as follows.

1. Planning.
 I3V

2. Collection of evidence.

3. Controlling and recording.

Review and opinion.

Audit Process

Planning Collection of Controlling SE Re.iew and

evidence recording opinion.

Planning

In order to assist in a disciplined approach to Warning and to ensure

compliance with Indian Standards on Auditing (ISA), the APM provides

documentation enabling a record of planning to be kept, demonstrating the

approach adopted for each audit and the reasons for that approach.

Collection of audit evidence

The APM audit programs are comprehensive and designed to deal with

most eventualities. However, it is crucial that the programs are tailored to

meet particular circumstances of the client.

Controlling and recording

 F 131

This section provides detailed guidance on the use of the

documentationL including the way in which the forms should be

completed for the preparation of a well-documented audit file.

Review and opinion

This section deals with how partner can review the overall audit and form

an opinion. APM provides some checklists which can be used to review the

overall performance of the client.

▪

LITERATURE REVIEW

CHAPTER-32
4-Audit procedures followed by HI SHAH &
ASSOCIATES
+ Engagement Procedures
4. New clients
Ex-clients or clients from last year ❖

Audit Procedures
 F a;

Audit• rocedures followed b HI SHAH & ASSOCIATES

The primary goal of HI SHAH & ASSOCIATES at the time of involving in

any audit engagement [s to provide the opinion on Financial

Statements in accordance with Indian Standards on Auditing (I A) as well

as International Standards on Auditing (I A), H.1_ SHAH &

ASSOCIATES also seek to provide auditing and management

consultancy services that are innovative, efficient and most importantly

responsive to the clients needs.

It is another fact that before starting the audit procedure there presents a

series of more procedures. For example audit engagement letter, audit

clearance letter, team meeting etc.

Engagement Procedures
Before discussing the Audit Procedures followed by H.1_ SHAH &

ASSOCIATES, I will try to focus on the engagement procedures

through which H.1_ SHAH & ASSOCIATES is engaged/ recruited by the

client to perform the audit. Before starting the audit work, some letters

are exchanged between HI SHAH & ASSOCIATES and clients.

 134

H.L SHAH & ASSOCIATES faces three kinds of situations in

engagement process:

Engagement with new client.

Engagement with existing client

Directly appointed by the client.

NEW CLIENTS

In case of new clients, tour letters are exchanged between HI SHAH &

ASSOCIATES and client including acceptance letter of appointment at the

time of involving with the new client. Following stages are followed by

both HI SHAH & ASSOCIATES and client:

STAGE - 1: Client requires for technical and financial proposal

from the H.L SHAH & ASSOCIATES

Client generally gives circular with the newspaper or directly wants

proposal for audit from the audit firm. !n case of direct offer they request

to the audit firm to submit a quotation for the cost of conducting audit of the

client. They also mention the specific date to confirm the decision taken by

the audit firm and completion date for audits. The client firm mentions

here the key areas of the audit in the form of

 las

attachment. it assures that if H.L SHAH & ASSOCIATES audits client's

firm, they will supply the formal terms of reference /audit mandates to

govern the conduct of audit.

STAGE - 2: The technical and financial proposal is sent by H.L

SHAH & ASSOCIATES to the client

After reviewing the client fetter or paper's circular, audit firm drafts a

proposal letter to the client.. The proposal letter contains technical and

financial proposal for carrying out the subject of audit, HI SHAH &

ASSOCIATES estimates its personnel costs after considering the

mandates to be utilized and using the minimum hourly rate of fees as

prescribed by The Instituted of Chartered Accountants of India (ICAO. The

firm also mentions that as it is an estimate, the cost may vary with variation

in number of mandates estimated to be utilized for the job.

STAGE - 3: Acceptance by the client on the basis of proposal of H.L

SHAH & ASSOCIATES - A letter of contract

After receiving proposal letters from various audit firms, client then

selects the one which is favorable to them, and it appoints the audit firm

for audit purpose. From the technical and financial proposal of the H.L

SHAH & ASSOCIATES the client company understands the nature of the

audit (such as independent, external) to assess the

organization's internal control system in administering the matter of

audit.

STAGE - 4: A letter is sent by H.L SHAH & ASSOCIATES to the

client confirming to work with the client - Confirmation Letter

After receiving the acceptance Fetter from the crEent, HI SHAH &
ASSOCIATES provides confirmation letter describing the firrirs

willingness to work with the client,

EX-CLIENTS OR CLIENTS FROM LAST YEAR

Three letters are exchanged between the H.L SHAH & ASSOCIATES and
client:

❖ Willingness letter for reappointment: In this letter H.L SHAH &

ASSOCIATES wants to audit this year. It can request to increase

audit fee or change some other conditions.

• Client sends appointment letter.

• H.L SHAH & ASSOCIATES accepts this appointment.

 F 13

Audit Procedures

There are seven steps involved in the procedures that come one after

another. The procedures followed by the H.L SHAH & ASSOCIATES are

basically inspired by the approaches suggested by ICAI in Audit

Practice Manual. Steps are as follows;

1. Identity Overall Goals

2. Gather & Evaluate Initial Information

3. Assess General Risks

4. Assess Account Specific Risk

5. Develop Efficient And Effective Audit Plan Program

6. Conduct Audit Testing

7. Evaluate And Communicate Audit Results.

 F 139

CHAPTER-4
+CLIENT'S AUDTI' PROCEDURE
 - E, 1 4

CLIENT'S AUDIT PROCEDURE

In the course of my Internship period I was assigned as an audit staff for

performing the audit of GAGAN CO-OPERATIVE HOUSE

CONSTRUCTION SOCIETY LTD. H.L SHAH & ASSOCIATES was

being engaged to audit the apartment for a period of four weeks. There they

send an audit team where I was one of them. I am giving a small overview

on the audit of CAGAN CO-OPERATIVE HOUSE

CONSTRUCTION SOCIETY LTD.

Audit procedures of RWL

Identify Firm's Overall Goal

GAGAN CO-OPERATIVE HOUSE CONSTRUCTION SOCIETY LTD.

engaged HI SHAH & ASSOCIATES in conducting an audit and to

expressing an opinion as to whether the financial statements are

prepared and presented fairly in accordance with Generally Accepted

Accounting Principles (GAAP), Our audit team considered these

standards in formulating an opinion taking into accounts the errors ,

irregularities and efficiency of this CommerciaE building.

 F !2 140

Gather & Evaluate Initial Information

After our audit team got engaged in Commercial building audit project, we

have collected some basic information of the shops inside in the Gagan

Co-operatives. We went through what their basic business are, to

understand their operations, considered their internal control structure

and also identified their expectations_

Assess General risks of clients

During audit planning and risk assessment, we obtain initial audit

evidence in order to

• Effectively assess the inherent risk of potential financial statement

misstatements,

• Identify indicators of possible going concern problems, and

• identify account specific risk and design an overall audit approach

to provide reasonable assurance of detecting material

mi sstatements_

Risks Area

• CASH

Risks

6 Cash transactions may not be recorded accurately

 • Cash may not exist

• Review confirmation replies

• Test accounts where there is no confirmation

ACCOUNT RECEIVABLE

Risks

• The accounts receivable listing or individual balances may be

inaccurate

• Accounts receivable may not be coLiectible

• Sales transactions may be processed n the wrong period

Steps

• Agree a detailed listing of accounts receivable to the summary

• Review confirmation replies

• Test accounts where there is no confirmation

•

INVENTORY

Risks

• Inventory items may not exist

• Inventory carrying values may not be realizable

Steps

• Observe physical inventory

• Examine receiving and issuing activity

• Test obsolete, slow-moving, scrapped or damaged listing

ACCOUNTS PAYABLE

Risks

• The accounts payable listing may not be accurate

• There may be unrecorded accounts payable balances

• Accounts payable transactions may be processed in the wrong

period

Steps

• Agree detailed accounts payable listing to summary

• Test for unrecorded liabilities

NOTE: - AFTER COLLECTING ALL THE INFORMATION WE DID THE

AUDIT OF GAGAN CO-OPERATIVE HOUSE CONSTRUCTION SOCIETY

LTD. & PREPARED THE FINANCIAL STATEMENTS OF THAT

COMMERCIAL BUILDING.S0 FINALLY I MADE THE FINANCIAL

STATEMENT ON THE EXCEL SHEET AND ATTACHED IT IN THE

APPENDIX CHAPTER AT THE END OF THIS REPORT.

 Nagy 143

CHAPTER-5
-SOME OTHER WORK _

❖ TO S return preparation.

❖ Online registration of PAN in income tax e-filling portal

+ Online checking of master data under companies act

through website.
 144

SOME OTHER WORK

I have tried my best to enhance my abilities and apply the

knowledge that I gained during the studies. On my first few days at

firm, company manager Mr .Deepak Kumar gave me training session

about TD S returns. Mr. CA Subham Kumar (CA-Practice) also

shared his practical experience with us and gave me some

techniques of this process.

Different task that I performed during my internship

1. Maintenance of accounts/ book keeping.

2. TD S return preparation.

3. Online registration of PAN in income tax e-filling portal

4.0nline checking of master data under companies act through

website.

Software used during internship;

1. MS-excel
•

145

Overview of TDS

Tax deducted at source (TDS) is a tax that is deducted from

income that a company in India pays to a recipient or supplier if the

income amount exceeds a specific statutory limit in a financial year.

The types of income that are subject to TDS include.

Salary.

Interest and dividends.

• Winnings from the lottery.

* Insurance commission.

* Rent.

* Fees from professional and technical services.

• Payments to contractors and subcontractors.

The withholding amounts for TDS can be deducted from an

invoice submitted by a supplier or from the payment that is

issued to the recipient or supplier. Examples of recipients and

suppliers include contractors, providers of professional services,

employees, and real estate landlords. Companies submit a TDS

certificate to each supplier on a monthly or yearly basis. The

certificate includes the payments, as well as information about

the company and supplier. Companies must also submit an

annual return to the government for each recipient or supplier for

the financial year. TD S certificate can be either Form 16 (R75110A)

or Form 260-1D2P-IND (R751122E0). Form 16 is the TD S certificate

which an individual submits and Form 26Q is the TDS certificate

which a company submits to the tax authorities.

TD S must also be deducted from payments issued to third parties

by both corporate and non-corporate entities.. The entity must

deposit the amount owed for withholding at any of the designated

branches of banks that are authorized to collect taxes on behalf

of the government of India. The entity must also submit the TD S

returns, which contain details about the payments and the

chalian for the tax deposited to the Income Tax Department

(ITD)
 1 47

For electronic IDS, companies must generate the Form 260

for each financial quarter. This is a statutory requirement for the

ITD.

Online registration of Pan in Income tax e-filling portal

Registration process

Type in the URL of e-Filing application ihttps:llincometaxindiaefiling.govin }

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against the radio button found under "IndividuaL/HUF".

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 ▪

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 150

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The user receives a confirmation e-mail with an activation link to the

registered Email ID. An SMS along with OW (One time Password) is also sent

to the registered Mobile number_

In order to activate the account. the user should click on the Activation link and

enter the Mobile PIN.

On success, the user account is activated and the database is updated_ For

Non-Resident Indian, Mobile PIN is exempted.

Online checking of master data under companies act through

website

Step by step process :

• To access Master Company/UP Data click 'Mew Company/LLP

Master Data" link. to view Index of Charges. dick 'View Index of

 F l51

Charges': and to access signatory details. click on 'View Signatory

Details' on the left hand side of this page.

• Enter the Company/LLP Name or CIN/LLPIN of the CompanyILLP_

• Click the Submit button in case CIN is entered.

• In case CIN/LLPIN is not available Press the "Search" button after

entering the first few characters in Company/LLP Name field.

• List of companies/LLPs would appear. Select your company/LLP by

clicking the 'Select' button.

• CIN/LLPIN of the Corripany/LLP with Company/LLP Name shall be

displayed on the screen.

• Click the Submit button once CIN/LLPIN is displayed_

• System shall display the required data.

• To take printout of the same. click on 'Print' button given on the

page-

• On clicking the same_ the required data shall be displayed in a

tabular form. Take the print out of the same.

 F 152

NOTE:-I attached one master data of a company that I

did during my internship period. In the Appendix

chapter at the end of this report.

 I 5a

CHAPTER-6
LEARNING PART

+Introduction

+Nature of the Job

+Specific Responsibilities of the Job

+Critical Observation
 154

LEARNING PART

Introduction

In four weeks of internship I was assigned at the audit learner, from the firm

HI SHAH & ASSOCIATES Chartered Accountants for the audit of:

GAGAN CO-OPERATIVE HOUSE CONSTRUCTION SOCIETY LTD to

complete my internship program as an audit stall. During my

internship program most importantly I realized how to work under the

pressure of responsibilities maintaining chain of commands and working in a

team. CA Pravind sir, taught me to work with rules and regulations,

where I have gained the understanding on how to reach a mutual

understanding between different people while working together. This

practical orientation is necessary for the development and

preparation of a person before entering into the corporate world. The

things that I have learned at HI SHAH & ASSOCIATES Chartered

Accountants are

• Meaning of responsibility

• Responsibility to the profession

• Necessity of commitment

• Auditing and Reporting responsibilities

 F I 55

• Working with ethics

• Working independently

• Client dealings

• Working with Generally accepted auditing standards

• Punctuality and regularity is very important

• Ability to interact with different sorts of people

Nature of the Job

My job in HI SHAH & ASSOCIATES was to work in probed the

audited part of GAGAN CO-OPERATIVE HOUSE CONSTRUCTION

SOCIETY LTD,I was assisting an audit learner. The team consisted of two

people including me.

First few days I do not have to do anything except observing them and I was

asked to learn by communicating and staying with them. At the first week

my primary work was to learn how to operate an ms-excel customize

software which is used for maintaining company account. Then, I

practically involved in work with the auditor's team. I was mainly

handling cheque register book where I kept record of each cheque

received from client. In addition I had to make a notification

 ,2 156

report every day according to the cheques drawing date. It is worth to

mention that, I had great opportunity to be a part of audit of the

company at the end of the year. As a result, I had to extend my

internship period. At that time my responsibility was to find out the total

account receivable of the year 2011 and 2012 with detail break up.

To be part of the team it is responsible for maintaining an efficient and

accurate Accounting function.

Specific Responsibilities of the Job

Basically, I had to verify calculations, maintained cheque book register and

prepared cheques for payment.

Critical Observation

The Working environment is very friendly and employees/staff are

ready to help all the time. There is a good chain of command always

followed. Moreover, Hi SHAH & ASSOCIATES has software to

maintain their total accounting system while company is not relying on

 F 1 57

that software rather then keeping record of transaction manually. This

manual method is time consuming and laborious. From my point of veer

I think the company should more efficiently use the customize software

that they have. By upgrading and using software might fruitful for the firm.
 F I 6/

CONCLUSION

GAGAN CO-OPERATIVE HOUSE CONSTRUCTION SOCIETY LTD,

Audit Procedure describes the step by step instructions of a financial

statement audit. This procedure is sufficient for H.L SHAH &

ASSOCIATES. if all these steps are followed properly, it is possible to

ensure a proper conduct of financial statement audit. But as I stated

above. in some cases the auditors of H.L SHAH & ASSOCIATES

violates some audit standards and not carry out their audit tasks

properly. As a result, the quality of audit work cannot be ensured all the

time. But if all these problems can be removed, H.L SHAH &

ASSOCIATES will be able to marntairi its present status and improve its

position to the client, So all the partners and the articled students of H.L

SHAH & ASSOCIATES must be conscious about this matter.

 F I 61

CHAPTER-9
• APPEND
 P,11 12 163

PROFIT AND LOSS ACCOUNT OF GAGAig COOPERATIVE MOUSE CONSTRUCTION SOCIETY LTD_

GAGAN CO-OPERATIVE HOUSE CONSTRUCTION SOCIETY LTD.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31-03-2012

.no I Expendlture Amount 5, no Income Amount

1 Lrft rnainta 'mance 90,260.00 2 Garage clnaie account 5,604.00

3 Water pump 9,445.00 3 Interest receipts from P.C.0 bank 2,568 00
4 Salary and wages 163,217.00 4 Consolation money 50,100.00
5 fiil iscelaneous eipences 4,635.00 5 Error rearfied 9.90
'6 Printing and statiorm re 071.00
7 Electra charge 312,201.00
8 Travelling and convenience 20.00
9 Sweeping and cleaning 5,591.00
10 Building and maintairiance 10455 .16
11 Entertainment 1,800.00
12 Nola account 2,500.00
13 Telephone 915.00
Depreciation on furniture and
14 278.00
fixture
15 Depreciation on /iied assets 36,929.00
16 FedratIon leg 930.00
11 Audit fee 19,283.00
Net profit transfer to balance
1B 2 12 .67
sheet

TOIAt. 710,092.00 TOTAL 710,092 00,

BALANCE. EET 0 F {PAGAN CO-OPERATIVE HOUSE CO N stR LICTION SOCIETY LTD_

GAGA.N CO.OPERATIVE HOUSE CONSTRUCTION SOCIETY LTD,

I BALANCE SHEET AS ON 31-03-2012

Iteraet ;I lir: 45S315 Arld ripen knaun
Skin ca$111 Ceic slack
Adtpned ihale Z.10,411.43X1
11:1141.1XXI
sho..t$ oris.10:14.410 4114 mat
MEI:l.soicrbed aed pad 1.17.100 ;nd
s hire 00611
Flora *.agi
Limn' id Mom
flatrr Fran ontrs
mmi.11..fo WW1 MA
.191811.4S
Caroj4ini money bra bib 2l I '
F011f.ardir:k 9.45A,VE urfern issmlparr5 and advances
AN* Oil 3 51195H PROKFI7f
LAE fiat E.71.1.1C
Curry'. pa 5 riNAAprir
Sthicrise 'mount 0.1ov r art!'
fedli 2.371 Og ores rc+utpi Lostm.Swarn kaur
e prneral aJoirre 11,859.

cab Rid brii bilge

(.1511in hiNI rmrtrx
P.C.E boll mem
:Latormito Nank 15.5colki
!...)nrro balk mix :69,29
voft Artdkiii room tit
. . , T r m l . w ■artrpr■ ■■
71,6164

TEAL 9,72 ,AZS.90 TOTAL 1.7 RA 29 00

 a L. I 65

CHAPTER-10
REFERENCES
 166

REFERENCES

• Audit Manual, ACNABIN & Co., Chartered Accountants.

• www.hlshahfca.com

• Bangladesh Accounting Standards(BAS)

• www.icai.orgi

• httplien.wikipedia.org

• www.google.com