Fundamentals of Accounting Essay

For Goods for Sales inventory is usu in ally separate into1. Raw Materials a) Natural Raw Materials Cotton, Wools and and so onb) Synthetic Raw Materials Acrylic, Viscose, Nylon, Polyester, etc.2. Work in serve well (WIP) Its starting with making persona from newfangled materials (Natural and Synthetic). Following by the fulfill of spinning with the produced Fibre and watch fall out with recount as the final product in spinning. Furthermore, Yarn will be processed into Grey textile by the process of weaving. Lastly, Processed fabric is to be make from Grey Fabric. Processed Fabric will be used for Technical Textiles, Readymade Garments and Home Textiles. These products will ease up to further production of final goods.3. Finished Goods Finished goods will be categorised under the brand of PADINI, SEED, PADINI AUTHENTICS, P&Co, PDI, MIKI, VINCCI and so on. For face of finished goods are sweater, skirt, knit vest, cotton pant, dress, shirt, belt, bag, tie, jeans, blous e, scarf, jacket, trousers, blazer and so forth.1.2 Process of Manufacturing Raw materials that can be divided into two distinct categories those derived from pictorial materials (cotton, et cetera) and synthetic materials (polyester, et cetera). Fibre will be produced by compounding raw materials into one. Fibre then will undergo the process of spinning to croak yarn.The production process begins with yarn purchasing and progresses through knitting, dyeing, and finishing. The processed material is then ready for further production. Process of Manufacturing (after processed fabric) is given downstairs in details No.DesignIt is given by buyers to manufacturers containing sketches including measurements of crabby styles manual/Computerized02Basic BlockBasic block is an individual factor of garments without any style of design manual(a)/Computerized03Working PatternWhen a pattern is made for a particular style with net mark regarding the basic block along with allowance then it is called working pattern. manual/Computerized04Sample GarmentsAfter making a type, it is sent to buyer for benediction to rectify the faults manual(a)05Approved SampleAfter rectify the faults, sample is again sent to buyers.manual of arms06CostingFabric Costing, Making Charged, Trimmings, getManual07Production PatternMaking allowance with net proportionality for bulk productionManual/Computerized08GradingDifferent in sizes. S, M, L, XL, XXLManual/Computerized09Marker MakingMarker is a thin paper which contains all the components for different sizes for a particular style of garmentsManual/Computerized10Fabric SpreadingTo spread the fabrics on table properly for cuttingManual/Computerized11CuttingTo cut fabric according to marker dimensionManual/Computerized12Sorting & BundlingSort out the fabric according to size and for each size make in individual bundles Manual13SewingTo assemble a sound garmentsManual14Ironing & FinishingAfter secure we will get a complete garment which is treated with locomote ironing & also several finishing processes are done for example extra loose thread cuttingManual15InspectionShould be approved as initial sampleManual16PackingTreated by Polyethylene bagManual1.3 Inventories Valuation MethodCost is determined using the first-in-first-out method for Padini Holdings Berhad for the financial year ended 30 June. p. 62Note *Full rapscallion copy of Financial rumor for this particular section will furnish at Appendix.1.4 Amount of Closing InventoriesThe amount of closing inventories as account in the financial statement for Padini Holdings Berhad was RM192, 285, 000 for the financial year ended 30 June. p. 80Note *Full page copy of Financial Statement for this particular section will show at Appendix.References1) http//www.indiamart.com/kishco-silver/products.html2) http//crisil.com/pdf/research/CRISIL-Research-cust-bulletin_jan12.pdf 3) http//en.wikipedia.org/wiki/Textile_industry4) http//www.bloomberg.com/ citati on/PADMK5) http//tlc.howstuffworks.com/home/how-is-fabric-created1.htm