Internship Report for Accounting Assignment

Assignment Task

Objective:

Using the provided bank statement and additional information shared by the client, prepare:

1. Computation of Total Income

2. Profit and Loss Account

3. Balance Sheet

Instructions:

• Analysis: Analyze the bank statement to categorize transactions into income, expenses, assets, and liabilities.

• Depreciation: Charge depreciation at 15% p.a. on the Straight Line Method (SLM) for camera equipment.

Additional Information 

1. Rental income of INR 30,000 per month from a 1BHK flat given on rent. Maintenance of INR 4,000 per month is paid for the flat. An additional property tax of INR 14,000 is paid annually, which is not included in the maintenance.

2. Investment of INR 30,000 in Canara Robeco Direct Growth Mutual fund. 3. Medical insurance premium payments: Self - INR 13,000; Parents - INR 40,000 (Father is a senior citizen).

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