Question

I need a weekly (2-3 paragraphs for one week) accounting internship report which will include; what you did, what you learned and what problem you faced during that week

Answer 1

(Note:2 to 3 paragraphs are not sufficient in order to report on what do u did,learned,prepared,observed,issues faced so I conveniently in order to get good score on the report I mentioned the key areas which is regularly happened in the business.Same is beneficial to you.)

Accounting Internship Report:

Throughout the Entire Period of Internship period ,I came across many of the accounting ledgers such as Cash Ledger, Accounts Payables, Accounts Receivable and Some of the periodical expenses and Their Accounting Entries , Their effects on other balances and several agreements for fixed assets which are Purchased on Credit, and Their Accounting Treatment Thereon.

I learned How to Post the an accounting entry while receiving the cash from the debtor , The accounting entry they were made as Cash Debit and Accounts Receivable Credit, I Pleased to issue a cash receipt voucher for their Payments, I did like this for four debtors , another Important point I observed is, The Entity is giving Discount for Early payment than credit period allowed to pay, The entity is giving at 2% discount on 2/10,30/n Basis, I.e If the customer pays within 10 days of sale then He avail the discount of 2% if he paid later no discount available and I pleased to post an entry for one debtor who availed the discount as Cash Debit, Discount Debit (discount Allowed),Accounts Receivable credit, I observed that on the credit of Asset account of accounts receivable is reflected that , The balance in the accounts receivable is duly decreased.

I came across the Accounts Payable ledger , After receipt of cash from the debtor ,The entity paid to the supplier of material ,I pleased to post an accounting as Accounts Payable Debit And Cash Credit ,I Observed that Balances in Accounts payable is decreased and Balances in cash also Decreased respectively. And After Payment The entity received the cash payment voucher from the supplier which contains Date of payment, Amount, Entity Name, Authorised signatory and company stamp, which is documented carefully by me.

Finally I Came Across the record of the asset which was purchased on credit basis, I pleased to enter an accounting entry as Asset Debit and Accounts Payable credit, I kept the Purchase documents and Loan Agreements carefully in assets file after passing of Due Entry.

I came across another issue during the Internal Audit is going on, They sent the debtor confirmation balances to all debtors and they sent the balances due by them with the entity, All debtors balances which are sent by debtors are got tallied except one , We checked thoroughly where the mistake is happened with the balances and payments made by him with cross checking the entries made by him, We observed that the debtor made an entry for payments made to other debtor whose name is similar to the entity, The same is informed to him and On receipt of notice from us he did the reverse entry and rectified accordingly.