CHAPTER-1

INTRUDUCTION

1. INTRUDUCTION
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1.1 Rationale for Selecting the Report:

At this present world Accounting System is a very important part of an organization. Without an Accounting System an organization cannot full fill the objective perfectly. Accounting System traditionally has been used to identify what is the financial condition of an organization. y Accounting System a company can easily identify whether the company in good position or bad. Accounts department calculate every !inds of transaction of the organization. "ts main responsibility is to find out what is the financial situation of the organization. "t#s a huge department for an organization. $he department consists of Auditing% &ain Stream Accounts% 'inancial and managerial data analysis% ta( calculation% 'und &anagement etc. $here is a very healthy wor! flow in the department. $he raw data go through step by step. 'irst the information come to Auditing Section then these go to &ain Stream Accounts Section then these are sent to financial and managerial data analysis )'*A+ Section. After processing by the financial and managerial Analysts then these go to *,& )'*A+. 'inally *,& )'*A+ pass all the information to the honorable &anaging *irector. -ach and every !ind of incomes and e(penses is recorded by this Section. So if " can understand the accounting system of .&, and their wor!ing process % it will very helpful for me in future because at that time " can contribute myself for the success of the organization and " can easily find out any !ind of accounts related problems within the organization. And as " mention the importance of the accounting system and it is also related to my major subject% so " am proposing this study.

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1. A!o"t Pal#al $ro"p of In%"&trie&:

Palmal Group of Industries emerged as one of the pioneers in apparel business in 1984 from the soul initiative of Late Engr. Nurul Ha ue !i"der the former and founder #hairman and $anaging %ire#tor of the Group. Late Engr. $r.N.H. si"der delegated the authorit& of $anaging %ire#tor to his beloved son $r. Nfis !i"der in '((1. !in#e then b& the age of '1 &ears $r. Nafis !i"der is holding the position of honorable $anaging dire#tor of the group and the #ompan& runs ver& smoothl& under his d&nami# leadership. )ver a period of last nine &ears the #ompan&*s business gro+th is more than ,((- .

1.' (i&ion:
$o become the leading supplier to our customer by delivering socially% ethically and sustainable manufactured 0uality products with on time delivery using a highly efficient% eco1friendly and vertically integrated manufacturing process.

1.) *i&&ion:
$o satisfy and retain customers through employee involvement% team wor!% personal e(cellence and integrating scientific approaches in our 0uest to become the leading manufacturer of apparel products.

1.+ O!,ecti-e& of the Co#pan.:

$he main objective of the company is to become the best supplier of 0uality products in .&, sectors 2 create value to the customers.

1./ *anage#ent Approach

&anagement consider employee as capital. elieve in responsibilities% &utual trust 2 respect. 3ommitted to create enabling environment. -ncourage employee#s creativity 2 achievement.

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1.0 Pal#al1& Core (al"e:

Palmal#s core values are presented symbolically by 5 6A."3-7 A 5 stands for Accountability . 5 stands for .espect " 5 stands for "ntegrity 3 5 stands for 3ommitment - 5 stands for -(cellence

1.2 Pal#al1& Strength&

*iversified product range )8nit% Woven 2 Sweater+ 3ountry leading pay &aster in .&, sector Scope for career development 9uman resources developers 9aving fully compliant factories 3ompetent management team 3ongenial wor! environment Practices corporate culture

Total E#plo.ee& of Pal#al: Categor. of E#plo.ee

Staff Wor!er $otal

N"#!er
1:;; )appro(.+ /;;;; )appro(.+ /1:; )appro(.+

Total *achine: <=;; Area: 4=;;;;;; Sft. including production floor% store 2 office. Pro%"ction capacit.: ==;;;;; pcs. per month.
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1.3 Pro%"ction 4 5".er&: Pro%"ct&

Palmal is mainly .&, focused 1;;? e(port oriented ,roup of industries. -(panding in the areas of !nit composite and other bac!ward lin!age industries )Print% embroidery% washing and composite etc.+

*a,or 5".er& -,ap "nc.

1WalA&art BSA 1WalA&art 3anada 1WalA&art &e(ico 1@ygard 1S-A.S 1$A.,-$1BSA 18C9E#S 1Eotto

1@ew Wave 1,-C.,1Primar! 13harming Shoppes 19udsaon ay 1&other 3are 1Ei 2 'ung 1@e(t 1Eoblaws 3anada

1Pea coc!s 19 " 1A&3 1Dara 1*ebenhams 1DFG

13arters 1Csh!osh 19 313anada 1 ersh!a 1Eefties 18appa

1Woolworth1Australia 1 on Pri( 13 2 A 19ollister 1Admiral 1American eagle

1.16 Recognition an% A7ar%:

$he 3ompany has achieved valuable awards as recognition of best performance in .&, sector. National: President Award )Achieved in two consecutive years+

International: est supplier award from WalA&art )in /;;>% /;;=% /;;<% /;;H% /;;: 2 /;;I+ 2 best supplier award from 3harming Shoppe in /;;<.

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1.11 Corporate Str"ct"re:

Palmal group

&anaging *irector

*irector 2 3CC

39C *irector1Sweater *irector1Production 2 "ncharge of A3&E *irector1Admin 2 3ompliance division JPK*irectorK,&1 &erchandizing *ivision *irector1PP 2 LA 3ord. ,&1Accounts 2 an!ing *epartment ,&1Store *epartment ,&13ommercial *epartment ,&1$ransport 2 &aintenance *ept. ,&1Admin 2 9. '9.C *epartment ,&19.& *epartment *,&1EP* *epartment A,&1$ 2 C* &1"$ *epartment *irector1A3&E8abirpur ,&1**,E ,&1&AE ,&1@88 Sweater ,&13C.$D% ager azar ,&1A3&E1Sreepur A3&E ,arments A3&E Printing ,&1A33E *,&1AWE 2 P,WE ,&13C.$D%8onabari ,&19eachong 3orp. Etd *,&1*EPE A,&1A,E A,&1A9,E A,& @881@88E%P*E% P,9E1P,9E 8nitting A,&1SSE A,&1P8'E A,&%@AE%PSE

'actory

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'&1P8'E -mbroidary '&1P'WE '&1Pragati &etale(

1.1 8ocation of Corporate Hea% Office:

Office& i%entit. 3orporate head office )&* 2 3.C.C#s Secretariat+ Admin. 2 3ompliance *epartment 3ommercial% WalA&art Sample 2 an!ing 9.&% '9.C% Sweater% EP*% Accounts 2 an!ing% $ 2 C*% $ransport 2 &aintenance 2 &erchandizing 8ocation 9ouse M 1<% .oad M 4;% ,ulshan11 9ouse M SW K/;% .oad M ;:% ,ulshan11 9ouse M / % .oad M /I% ,ulshan11 3rystal Point% 9ouse M /% .oad M /1% ,ulshan11

1.1' Different Depart#ent&:

Admin. 2 3ompliance *epartment &ainstream 9.& *epartment 'actory 9. Cperations *epartment -mployee .elations *epartment $raining 2 C* *epartment Accounts 2 an!ing *epartment 3ommercial *epartment Eocal Procurement *epartment "$ *epartment &erchandising *epartment ) uyer wise+ Production% Planning 2 3oordination *epartment Product *evelopment 2 Stoc! lot *epartment Luality Assurance *epartment Store *epartment $ransport 2 &aintenance *epartment

1.1) Si&ter Concern&:

SI ;1 ;/ ;4 ;> ;= ;< ;H ,arments 'actory Sweater 'actories 8nit 3omposite &ills Washing plant -mbroidery Printing 3utleries "ndustry T.pe of 5"&ine&& No of Concern& /I ;/ ;/ ;/ ;1 ;1 ;1

Total

'2

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1.1+ 8ocation of Si&ter Concern&:

SI ;1 ;/ ;4 ;> ;= ;< ;H ;: ;I 1; 11 1/ 14 1> 1= 1< 1H 1: 1I /; /1 // /4 /> /= /< /H Na#e Al 9amra ,arments Etd. Amazan ,arments Etd. Aswad 3omposite mills Etd.18abirpur Aswad 3omposite &ills Etd.1Sreepur Aysha 3lothing 3o. Etd. 3C.$D Apparels Etd.11 3C.$D Apparels Etd.1/ *esigner Eine)Pvt.+ Etd. &arina Apparels Etd. @afa Apparels Etd. @afa Apparels -(t. Etd. @88 8nitwear Etd. Palmal *resses Etd. Palmal ,arments 9osiery Etd. Plamal !nitwear 'actory Etd. Pragati 'ashion Wear Etd. $he *acca *yeing ,arments Etd. 9easong 3orporation Et. Safaa Seater Etd. @88 Sweater Etd. Aswad 3omposit &ills Etd. Palmal ,arments 9osiery Etd.18nitting Palmal ,arments Washing Etd. Ayesha Washing Etd. Palmal 8niwear 'actory Et.1-mbroidery Aswad 3omposite &ills Etd.1Printing Pragati &etale( Etd. Total 5rief A9,E A,E A3&E18abirpur A3&E1Sreepur A33E 3C.$D11 3C.$D1/ *EPE &AE @AE @AE -(t. @888E P*E P,9E P8'E P'WE **,E 93E SSE @88SE A3&E18nitting P,9E18nitting P,WE AWE P8'E1-mbroidery A3&E1Printing P&E No. of Unit 1 1 4 1 > 1 > 1 / 1 / 1 1 1 1 1 / 1 1 1 1 1 1 1 1 1 1 '2 8ocation 9 A%%re&& &alibag% *ha!a 8abirpur% Savar Shreepur% ,azipur Ashulia% Savar agherbazar% ,azipur @aojhor ,azipur @ew jurain%*ha!a *apa"dra!pur% @arayangonj Eondon Plaza% Bttara 8utubail%'atullah% @arayangonj Eatif -mporum% Bttara Ahsanulla .oad%*ha!a &oghbazar% *ha!a 3handra% ,azipur Ashulia% Savar @ew jurain% *ha!a Sreepur% ,azipur 8utubail% 'atullah% @arayangonj Ashulia% Savar S3"3% $ongi Sreepur% ,azipur S3"3% $ongi

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1.1/ O!,ecti-e&:
,eneral CbjectiveN $he objective of this report is to give some insights into the practical Accounting System practices of Palmal ,roup of "ndustries. Specific CbjectiveN )a+ $o be familiar with day to day wor! of Accounting system for recommending% operating improvement in various area. )b+ $o !now about the process of Auditing of poly 2 thread bills of Palmal ,roup. )c+ $o !now about the 'inancial Accounting system of Palmal ,roup. )d+ $o !now about the &anagerial Accounting system of Palmal ,roup. )e+ $o understand the $*S calculation of employees or personal of Palmal ,roup. )f+ .o develop the pra#ti#al "no+ledge b& the pra#ti#al orientation of +or". /g0 'ind out the problems that are faced by the Accounts department. /h0 $o accomplish my graduation% it is re0uired to complete. )i+ $o gain some !nowledge about real life wor!ing environment.

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CHAPTER 5

ACTI(ITIES UNDERTA:EN

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. ACTI(ITIES UNDERTA:EN
As my report title is Accounting system of .&, in Palmal ,roup of "ndustries and as " mention that " did my internship at Accounts department so during my internship " did a lot of wor!s that are assigned by my department supervisor. And those wor! are written below " Audited 5 Poly 2 $hread bills. " sorted out the subcontractor 2 others e(penditure. " helped in disbursing basic salary 2 house rent to PP3 2 LA)Production Planning coordinator% 0uality assurance+ employees. " calculated monthly e(penses of Stic!er% "n! 2 &achine per "ndustry. " helped in preparing e(cel sheet on &argin AKc% -.L AKc% P3 AKc% 3* AKc )-(port .etention Luota% Pac!ing 3redit% 3urrent *eposit+ by data entry. " input register serial number% $ E3 number% date% name of beneficiary% P" amount to the prepared 6*etails statement of $ E3 open as per register7. " calculated the $*S of employees or personal.

.1 Pol. 4 Threa% A"%iting:

Auditing is a vital part of accounting. $raditionally% audits were mainly associated with gaining information about financial systems and the financial records of a company or a business. asically " learnt how to audit a bill of Poly 2 $hread in Palmal ,roup. Poly 2 $hread bills come from EP* )Eocal Procurement *epartment+ to Accounts *epartment. Cne of the members of audit department% &r. Diaur .ahman% assigned me to do the audit wor!s. $hen " started auditing by doing many processes. When EP* submitted a bill with all !inds of documents " initiated to do an audit wor! li!e chec!ing of purchase order% delivery invoice% printed email copy of merchandiser% boo!ing form% pro1forma invoice. So " just had to chec! whether those documents are accurate or not.

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A"%iting of pol.:
1&t &tep When a poly bill came to me from Eocal Procurement *epartment first of all " chec!ed the signature of the head of the department. $hen " started chec!ing the re0uisition form signed and e1mailed by merchandiser which he sent to Eocal Procurement *epartment. " chec!ed very carefully to identify whether double re0uisitions were generated or not. "f double re0uisitions were made " had to give the short note li!e% 6double re0uisitions are made7.

n%

&tep

After chec!ing the email copy " had to chec! the delivery invoice against purchase order. " chec!ed the delivery order number% P.C number% buyer name% style number% name of the item and 0uantity with the support of purchase order.

'r% &tep After chec!ing these entire processes% " gave the note mar! about the difference what " found and sent it to EP*.

A"%iting of Threa%:
$he procedure is 0uite similar to the auditing of poly. 1&t &tep "n auditing of thread " had to chec! the re0uisition form signed and e1mailed by merchandiser which he sent to Eocal Procurement *epartment. " chec!ed very carefully to identify whether double re0uisitions were generated or not.

n%

&tep

$hen " match the EP* P.C @C. with document statement and delivery invoice. After that " chec!ed the delivery thread% shade code% style number% unit price% P.C reference number against the supporting of P.C. 1/ | P a g e

'r% &tep After chec!ing these entire processes% " gave the note mar! about the difference what " found and sent it to EP*.

. Acti-itie& "n%er *anagerial Section:

Sort o"t the &"!contractor 4 other& e;pen%it"re

"n Palmal ,roup *,& )Accounts+ prepare the monthly "ssued che0ue statement depends on che0ue @umber and send it to the '*A department as per their re0uirement. Assistant &anager )'*A+ &ohammad .iyadh 9asan assigned me to sort out the subcontractor 2 other e(penditure.

1&t &tep 'irst of all " found out the subcontractor#s bills as per the issued che0ue statement. $here are four !inds of subcontractors# ills li!e &ending bill% "roning bill% 'ull sewing bill% Process sewing bill. " ought to !eep the photocopy from the original ills. " also set chronological numbers on those bills based che0ue statement.

n%

&tep

$hen " found out the other e(penses li!e miscellaneous% accessories bill% maintenance e(pense% 32' bill% mobile e(pense. 3ompliance e(pense comes from 3ompliance department to '*A section. After that " follow the same procedure whatever " did in step 1.

'r% &tep " needed to set chronological numbers according to the issued che0ue statement and after that " filed up all bills 2 supporting for further calculation.

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Di&!"r&e#ent of !a&ic &alar. 4 ho"&e rent to PPC 4 <A =Pro%"ction Planning coor%inator> ?"alit. a&&"rance@ e#plo.ee&
"n Palmal ,roup employees of PP3 2 LA department who have the ban! accounts they have to collect their salary form ban! 2 who don#t have the ban! account they have to collect their salary from 39C Accounts *epartment. ut for house rent every employee of PP3 2 LA department has to collect from 39C Accounts *epartment. Assistant &anager )'*A+ &ohammad .iyadh 9asan assigned me to disburse the salary 2 house rent to the employee of PP3 2 LA. 1&t &tep 'irst of all " had to collect the sheet of salary% house rent 2 cash money against total salary sheet amount from Account &anager.
n%

&tep

When the employee came to collect hisKher salary " used to chec! their name% designation 2 net payment. After chec!ing the entire thing " too! their signature on the salary sheet and gave them net payable amount. And " also too! = ta!a for revenue stamp. $his is only for salary not for house rent.

'r% &tep Afer completing the salary disbursement " also chec!ed the person#s name in the house rent sheet. When " got his name in the sheet then " too! his signature 2 gave him the payable amount.

)th &tep After disbursing the house rent 2 salary% " used to prepare an unpaid list. Bnpaid list means difference between total received amount from Accounts &anager and paid salary amount to employees. " gave unpaid amount and revenue stamp amount bac! to the Account &anager. 1> | P a g e

Calc"lation of #onthl. e;pen&e& of SticAer> InA 4 *achine per In%"&tr.

*onthl. e;pen&e of &ticAer per in%"&tr.: $he monthly stic!er consumptions of each 2 every factory were given in a prepared e(cel sheet. $his !ind of e(cel sheet came to financial and managerial data analysis )'*A+ Section 2 " had to multiply the consumption 0uantity of each factory with the rate of unit carton stic!er. "n this way " could find out the monthly consumption e(penses of stic!er per factory.

*onthl. e;pen&e of inA per in%"&tr.: $he procedure is similar to the first one. $he monthly in! consumptions of each 2 every factory were given in a prepared e(cel sheet. $his !ind of e(cel sheet came to financial and managerial data analysis )'*A+ section 2 " had to multiply the consumption 0uantity of each factory with the rate of unit carton in!. "n this way " could find out the monthly consumption e(penses of in! per factory.

*onthl. e;pen&e of #achine per in%"&tr.: $he monthly machine consumptions of each 2 every factory were given in a prepared e(cel sheet. $his !ind of e(cel sheet came to financial and managerial data analysis )'*A+ section 2 " had to multiply the consumption 0uantity of each factory with the rate of per machine. "n this way " could find out the monthly e(penses of machine per factory.

.' Acti-itie& "n%er Binancial Section:

Preparing e;cel &heet on *argin> ER< =E;port Retention <"ota@> PC =PacAing Cre%it@> CD =C"rrent Depo&it@ Acco"nt !. po&ting %ata When Palmal ,roup e(ports any goods% their remittance comes to a ban! against &aster E3. $he ban! is advised to transfer the specific amount to the &argin% -.L% P3 2 3* account. $his related ban! statement comes to financial section by ban!ing department 2 Assistant manager Accounts has to give the entry to Statement of &argin AKc% -.L AKc% P3 AKc% 3* AKc in a e(cel sheet which is titled as 6*etailed e(port statement )based on realization+7. Cne of the Assistant &anager Accounts1&d. Asadujjaman assigned me to do the wor!s.

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*argin: 'rom &argin Account Palmal ,roup pays their suppliers against $ E3. an! is advised to transfer :;? of e(port remittance to the &argin account. When ban! statement about &argin account came to me " record the ban! reference number% margin amount in BSO and margin transfer date to the e(cel sheet. ER< =E;port Retention <"ota@: $he ban! is advised to transfer /? of e(port remittance to the -.L account after realization os e(port value. 'rom -.L AKc Palmal ,roup meets up the lab test% travel e(pense% credit card bill etc. When ban! statement of -.L came to me and " record the credit amount of ban! in the prepared e(cel sheet after matching the ban! reference number.

PC =PacAing Cre%it@: P3 is financed by ban! to meet up operational costs and e(penses in the form of wor!ing capital. "t#s a one !ind of loan for the company. y ta!ing P3 3ompany can provide wages% salary% factory direct and indirect e(penses. -(port E3 is !ept as collateral against P3 payment. When ban! statement of P3 came to me " record the credit amount of ban! in the prepared e(cel sheet after matching the ban! reference number. remittance to the P3 account. an!s are advised to transfer 1;? of e(port

CD =C"rrent %epo&it@: 3ompanies recurring e(penditure are paid from 3* account. Palmal ,roup meets up the wor!er cost% staff cost% various factory overhead etc. from the 3* account. an!s are advised to transfer :? of money to the 3* account from e(port remittance. When ban! statement came to me " record transaction date 2 transferred net *$ to 3* AKc in the e(cel sheet.

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Detail& &tate#ent of 5T5 8C open& a& per regi&ter:

3ompany has to open $ E3 against -(port or &aster E3. 'or opening the $ E3

merchandising team has to submit all documents through ban!ing team to the &*. &* of palmal ,roup gives the approval or signature in the register. After that the register comes to the recording section of the Accounts *epartment. When the register came to me " had to input register serial number% $ E3 number% date% name of beneficiary 2 P" amount in the prepared e(cel sheet.

.) Calc"lation of the TDS =Ta; De%"ction at So"rce@ of e#plo.ee& or per&onal:

$*S is one of the modes of collection of ta(es% by which a certain percentage of amounts are deducted by a person at the time of ma!ingKcrediting certain specific nature of payment to the other person and deducted amount is remitted to the ,overnment account. "n palmal group monthly $*S are cutoff from the salary of the employee% as an e(ampleP Calc"lation TDS of *r. A: asic salary &edical 4;;;; )1;;;+ /I;;; 3onveyance )/;;;+ /H;;; 9ouse rent I;;; 1:;;; )1/ month Q / bonus+ $a(able income $a( 'ree Slab A1> /=/;;; 1:;;;; 1H | P a g e

$a(able "ncome R 1;? Slab

H/;;; A1;? $*S for one year H/;;

H/;; S 1/ T <;; )$*S for each month+ $a( rebateN /;? of $a(able "ncome of $!. /=/;;;PPPPPPPP.PPPPP.$!. =;>;; ut his actual investment isPPPPPPPPPPPPPPP..PP. $!. 1/;;; "n between /;? of $a(able income or Actual investment we have to ta!e lowest one. "n this situation we have to ta!e 1/;;; and we !now that ta( rebate is 1;? on lowest income. So% 1/;;; U 1;? T 1/;; $*S for one year $a( rebate H/;; 1/;; <;;;

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CHAPTER 5 '

CONSTRAINT9CHA88EN$ES AND PROPOSED COURSE OB ACTION BOR I*PRO(E*ENT

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'. CONSTRAINT9CHA88EN$ES AND PROPOSED COURSE OB ACTION BOR I*PRO(E*ENTN

*uring the internship affiliation " have passed through few problems while doing my tas!s. " have faced different problems and get helped from my supervisor and everyone from the department to solve those problems. Problems that " have faced and how " have solved those problems that are given bellowN

'.1 A"%it Pol. 4 Threa% !ill&

Pro!le#: Purchase Crder 0uantity didn#t match with the *elivery 3hallan. "n some bill " found there was no signature of department head. Sometimes merchandiser sent double boo!ings or double orders.

Sol"tion: " used to mar! the unmatched 0uantity and gave the short note about the problem. " used to give the short note about the signature. " used to mar! those places which were showing that the boo!ing or order is double and "

gave the short not li!e% 6double re0uisitions are made7.

'. *argin A9c

Pro!le#: *ollar rate variance is a big problem for margin aKc. Some ban! maintain fi(ed rate and some maintain fle(ible rate. 'or an e(ample% B3 E maintain a fi(ed rate for dollar but *ha!a an!

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change their dollar rate according to the daily international dollar value. $his thing creates problem for posting entry of margin amount. ecause we have to change the dollar rate in the margin statement. "t#s also creating hassle for the company. Sol"tion: When " got this !ind of dollar variation " inform Assistant &anager )Accounts+ and he changes the dollar rate of the e(cel sheet.

'.' CD A9c
Pro!le#: Sometimes ban! doesn#t give the clear information about the reference li!e% intercompany transaction or transaction with suppliers. Sol"tion: When " got this !ind of problem " used to inform Assistant &anager )Accounts+ then he communicates with the ban! for getting the ban! advices about the problem.

'.) Sort o"t the S"!contractor 4 other& e;pen%it"re

Pro!le#: When " sorted out the subcontractor 2 others e(penditure against "ssued 3he0ue Statement " couldn#t find many supportingK invoices against issued che0ues. Sol"tion: " used to mar! those amounts with red pan and gave the short note li!e% 6$his supportingK invoice was not found7.

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'.+ OrganiCation:
At Palmal ,roup " would say they don#t have a well decorated reception. As Palmal ,roup is well !nown organization% their reception should be upgraded and well decorated. "n fact the people who are wor!ing in the reception they are not well dressed. "n Palmal Accounts *epartment there is no canteen. All the employees have to get their lunch from home or local hotel or food suppliers. $he lunch which are bought from outside are not hygienic.

'./ Aca%e#ic Preparation

*uring my internship one of my major courses was really helpful. $a(ationN "n this course " learnt how to calculate ta( in an organization.

Whatever " learnt from these courses " also observed in my internship. 'or this reason these courses were really helpful for me. "n the $a(ation course " learnt how to calculate ta( and in my internship " gained !nowledge about ta( calculation and " did so. " want to tal! about Auditing which is not related to my major subject but it was very good e(perience doing Auditing. " learnt many things about Auditing which are very helpful for my future.

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CHAPTER 5 )

8ESSONS 8EARNT BRO* THE INTERNSHIP PRO$RA*

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). 8ESSONS 8EARNT BRO* THE INTERNSHIP PRO$RA*

" thin! "nternship program is very important of our university life. &y internship helps me a lot in different area.

).1 8e&&on&:
*uring my internship " learnt a bit how to calculate an employee#s $*S. " also learnt how a company accomplish its auditing tas!s% how can it use its information% how can it disburse salary% how can it maintain different !inds of accounts related to ban! 2 so on.

). :no7le%ge:
" also gather some !nowledge about how a company does its production. " saw how garments factories of Palmal ,roup do dyeing and washing wor!s of fabrics. " went to the cutting section of a factory and saw the cutting process and pac!aging process. " also saw how they use their leftover products. So in this way " gathered some !nowledge.

).' SAill&:
&y internship helps me a lot to improve my s!ills. " did different !ind of wor! in my department. Some time " did several wor!s at a time % so it helps me to improve my wor!ing s!ill. *ifferent people came to my department % so some time " had to tal! with them on different purpose so my communication s!ill was also improved.

).) 5eha-ior:
'or any !ind of job% behavior is really important. So " also learnt how to behave with other people of the organization. " learnt the formal behavior. " learnt how we should behave during our office time.

).+ Ti#e #anage#ent:

*uring my internship " learnt how to be punctual. " was compelled to reach at office before entry time and had to maintain the time. And during my internship " had to manage the entire thing on time. So in future " thin! " can manage time for everything in my busy schedules. /> | P a g e

)./ Confi%ence:
" fell more confident to deal with different !ind of people. place because of my internship. ecause at Palmal ,roup there are different !inds of people wor! together in one floor. So in future " will more confident at job

).0 Co##"nication:
&y office was at ,ulshan. -very day " had to go to arrive at ,ulshan office. So in future " will not face any problem regarding my office area. So my internship helps me a lot to improve my communication s!ill.

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CHAPTER D +

CONC8UDIN$ STATE*ENTS

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+. CONC8UDIN$ STATE*ENTS
&y internship was very helpful and enjoyable for me. ecause " got my internship in a well !nown organization. And my internship department was related to my major course. 'or that reason " can match my educational !nowledge with the job field. As an "ntern at Palmal ,roup " learnt many things which helped me to gain real life job e(perience and ma!e me learn to improve s!ills li!e communication s!ills% how to behave with colleagues% in a total it helped me to get myself prepared for job level. &y supervisor helped me to improve my communications s!ills% helped me about controlling the problem situation% how to deal with different sort of wor!ing conditions and especially " taught how " should act in critical moments. -veryone in the department helped me through my internship period% their helps made the internship period bit easier to me. As " said before during my internship " have faced many problems% " have found problems% difficulties while doing my tas!s which was solved and helped by the seniors% especially by my supervisor. $hough " have less !nowledge and e(perience than those who are wor!ing in the department for such long time with their greater s!ills and !nowledge% " have few suggestions which might help the audit department and also the organization. &y recommendations for future improvement are given belowN

+.1 Reco##en%ation&
$he Audit *epartment should be separate from the Accounts *epartment. "nternal audit activities are not effectively done. Auditors are chec!ing the bills% not chec!ing the variance of policies determined by the management of the company. Palmal firstly needs to prepare an audit policy or audit manual. Secondly needs to get variance against those policies. Sometimes ban! doesn#t give the clear information about the reference li!e intercompany transaction or transaction with suppliers. $o solve this problem% we have to get the advice from ban! about the problem. /H | P a g e

Palmal management should concern about it. "f management is aware% the ban! shall be more careful about the information then it will be more profitable for the company. Palmal ,roup maintain cash based accounting method which is not complete accounting method. Palmal is manufacturing concern. 'or manufacturing concern% sales income is earned prior to cash receipt from e(port. Adversely e(penses are incurred prior or in some cases% after cash is disbursed. So% " am going to recommend maintaining accrual based accounting method in Palmal ,roup. *ata collection and processing is very slow. ecause when " sort out the subcontractor or other e(penditure supportingKinvoice " couldn#t find out many invoice. Some time " got dec /;11 invoice in feb /;1/.

*ata collection and processing should be done 0uic!ly and efficiently. $here is a big communication gap of inter department. As an e(ample% if 3ompliance *epartment sends a document of e(pense to Accounts department but Accounts Cfficer )'*A+ doesn#t get it 0uic!ly. "nter department communication should be strong. As per section =/AAA of income ta( ordinance 1I:> at source ta( should be deducted from payment to 3leaning 2 'orwarding at 1;? but it is difficult to deduct $*S from payment while bill is paid to the 32' agents. $hey are not interested to pay ta(. Some times company needs to pay ta( in favor of supplier.

3ompany should maintain strict policy to curtail at source ta( from 32' agents bill. $here is no effective software used in Palmal ,roup. Accounts *epartment should increase their storage capacity of respected documents. /: | P a g e

'irst of all they should loo! after their reception decorativeV as we all !now Palmal ,roup is a well !nown company in angladesh. So they should have some !ind of attractive reception with smart receptionists.

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Reference&:
Palmal ,roup of "ndustries 8azi 8aoser Ahammad *eputy ,eneral &anager )'inancial *ata Analysis+ 3ellN ;1H141;<;/</

Palmal ,roup of "ndustries &ohammad .iyadh 9asan Assistant &anager )'inancial *ata Analysis+
3ellN ;1H4;1;<:>14

Source of data collectionN www.palmalgroup.net httpNKKen.wi!ipedia.orgKwi!iKAudit httpNKKwww.nbr1bd.orgK httpNKKwww.businessdictionary.comKdefinitionKpro1forma1invoice.html

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APPENDICES:

Rai&"l *ah#"% 1/H% Shantinagor )Pirshaheber ,oli+% *ha!a11/1H -1mailN tonmoyWrmRhotmail.com &obN ;1H1;14I><<; Career Objective: Eoo!ing for a analytical job to any organization where " will get the opportunity to utilize my potentials% ideas 2 s!ills to do something which will enhance my !nowledge to establish myself as a 0uic! learner and highly energetic person to face any challenge.

Academic Qualification: Na#e of E;a#: 5.5.A "nstitute 3,PA H.S.C "nstitute Passing Gear ,PA S.S.C "nstitute Passing Gear ,PA N N N Accounting 2 'inance American "nternational Bniversity1 angladesh 1/th Semester )/;1/+ /.I= Cut of >.;;

N N N

Stamford College Dhaka /;;H /.>; Cut of =.;;

N N N

Willes Eittle 'lower 9igher Secondary School /;;= 4.=; Cut of =.;;

Work Experience: Wor!ed at A an! A,& )Annual ,eneral &eeting+ as a volunteer. Wor!ed with Windmill advertising limited as a brand ambassador of A"B at Lubee% ProjectN Speed is happiness )3ampus activation+. Wor!ed with Windmill advertising limited as a band coordinator of B@'PA concert at 41 | P a g e

3hittagong. Wor!ed with "nterspeed advertising limited at XP,E camping as brand promoter. Wor!ed with "nterspeed advertising limited at different events as supervisor. &ember of APA3 )A"B Performing Art 3lub+.

Skills: 8ang"age SAill Proficient in -nglish as well as angla and 9indi. Co#p"ter &Aill&: A&S CfficeN Word% Power point and -(cel Intere&t:

Listen to music% Dancing, Playing Cards, Badminton, and Billiard.

Personal Details: 'ather#s @ame &other#s @ame *ate of irth @ationality Se( lood ,roup .eligion N &ale N )Qve+ N A.$.& ahauddin N Eaila A!ter N 1=th Xanuary% 1II; N angladeshi )by irth+

N "slam

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Date:EEEE..

Signat"re:EEEE.

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