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Submitted To:
Industrial Relationship (IR) Department
Submitted By:
Muhammad Zahid Sadiq Internee, Accounts
Before starting my report I would like to thanks the officials and management of Packages Limited, who provided me a wonderful opportunity of learning in such a big organization. I would also acknowledge the support and guidance that my supervisors provided me throughout my internship period. I spent 6 weeks in the Financial Accounts department from 26 June, 2011 to 6 August, 2011. During this period I have been rotated through 5 sections, each enhancing my learning towards accounts. The sections in which I worked along with time are: Provident Fund Section Cash and Band Section Employee Reimbursement Section (ERS) Sales Accounts Inventory Accounts Total period (1 week) (1 week) (1 week) (2 weeks) (1 week) 6 weeks
My learning toward these funds was extensive. I learnt the loaning procedure under temporary loan and Not-refundable loan and its eligibility and Final settlement of provident fund and gratuity fund. I also learnt how these funds are invested in the form of TDRs, Tbills, TFCs, PIBs, Stock and Shares and Mutual funds and how they are managed to get maximum profit with minimum risk.
Sales Accounts:
Sales accounts performed the various accounting functions relating to Sales like: Internal transfer of goods from one business unit to other Local sales Export sales Calculation and payment of Sales tax for each period Sales Debit and Credit notes Payment of Truckers bills My learning toward sales accounts in two weeks was in depth. I not only learn in this section but also perform various tasks like, generating local invoices, inter-transfer and Sales debit and credit notes. I was also provided opportunity to prepare documents of export which enhance my knowledge related to exports.
Inventory Accounts:
Inventory accounts is also a major section dealing various accounting functions related to: Imports Fixed asset management Long term financing Insurance policies and claims of insured assets In the inventory section I go through the import documentation till the goods received note (GRNs). I also learn the application of IAS-16 relating to Property, Plant and Machinery in inventory section which deals with the acquisition, management, depreciation and disposals of assets and reporting in balance sheet. I learnt how insurance claims are processed and account for the data.
At last but not the least, I really inspired from the discipline, rules and regulations and various policies adopted by the Packages Limited that keep it up to the par. Packages Limited is really a great place of learning and career development.