TABLE OF CONTENTS

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Topic Acknowledgement Introduction Department Project Under Taken Lessons Learnt Conclusion

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Acknowledgment:
First I would like to thank Almighty Allah that my report has been completed. The entire internship experience is a valuable one because not only did the understanding and knowledge on practical business finance have increased it also gave me a thorough opportunity to learn from others and their experiences. Despite conflicting ideas my vision about my career has diversified too. The internship re-defined our skills of working with others to reach a final goal, and improved my communication as well as tolerance levels.

Therefore, I would like to express the deepest appreciation to my supervisors Mr. Sohail, Mr. Munir, Mr Surfaraz and Mr.Shoaib. I would also like to mention Ms. Sarah Umer for guiding me through HR. procedures.

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Introduction:
The report gives a brief description of internship at Lucky Cement. It was a Six week compulsory internship required by IBA. The internship is graded as an extra subject at IBA. The department assigned was Finance. The internship started at 22nd June 2011 and ended at 2nd August 2011.

Purpose of the Report:

Human Resource (HR) department of Lucky Cement required a report highlighting internship experiences at the organization.

Audience:
Ms.Sarah Umer (HR. Assistant Manager) Mr. Muhammad Sohail (General Manager Finance)

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Department:
Finance and Accounting was the assigned department. This department is responsible for the management of all the finance and accounting related operations. This department consists of following sub departments: Sales Payroll Internal Audit Financial Reporting: (This Department handles the preparation of financial statements.)

All the sales transactions are forwarded to Sales Department from Marketing Department. Once the sales are booked they are forwarded to the plant and warehouse according to which orders are delivered. There are two kinds of sales. Either the sales are done on credit basis or non credit basis. The sales that are made on non credit basis their amount and tax deduction is done on the very spot. The sales that are done on credit basis their payment vouchers are made and tax is deducted accordingly. There is also an export portion. When orders are exported the company files a rebate claim. Its done because company already pays duty over the import of the raw material. Then it again pays duty over the export. Due to this double payment the company files a rebate claim over packaging which is Rs. 35.5 over per baggage. Once the recording and tax deduction is done the summarized reports are made and sent to the FRM where not only financial statements are prepared but attempts to deal with income tax are done. Once these are done the process of e-filing is done for income tax. Payroll is a separate department where not only employee salaries are dealt with but also the loans issued by employees and promotions and bonus are also looked after.

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Project Under Taken:

Assisted in accounting of sales transactions. Updated sales records the party names and the amount paid. The cement consisted of two types Ordinary Portland Cement and Sulphate Resistant Cement. One bag consisted of 50 kg. of cement. After recording the amount paid by the parties the second task was to deduct tax amount. The tax consisted of two types the sales tax and surcharge. Surcharge is equal to the 15% of the sales tax. This was valid till June 30th , 2011. Sales tax consisted of different amounts applied to different categories. Following are the different categories. Commission: Sales Tax = 10% Transportation: Sales Tax = 2% Services: Sales Tax =6%

Prepared Following Documents: Letter of Credit Rebate Claims Annexure: ( These are the supporting documents of rebate claims)

Supervisors: Shoaib Tahir Surfaraz Rashid Kashif

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Lessons Learnt:
Enhanced excel skills. Got knowledge about tax treatment. Learnt legal communication in terms of preparation of letter of credit, Rebate Claims. Learnt about organizational structure. How the finance department is sub divided and how knowledge and work flows. Got the exposure of one the leading listed organizations of Pakistan. Learnt the dynamics of its operations under the umbrella of Pakistani culture. Learnt about tax rebates and exemptions.

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Conclusion:
Working at Lucky Cement was a great learning opportunity. The supervisors were very helpful not only in guiding throughout the work but also helped me in adjusting with the work environment. Lucky Cement is a seth owned male oriented organization. But the work efficiency and management changed my perception of a seth owned organization. Being a female among so many males never hindered with security and opportunity to work and understand business dynamics. Its one of the emerging organization of Pakistan which will soon make a name like Engro.

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