Fundamentals of Accounting Essay Example for Free

Fundamentals of account statement EssayFor Goods for Sales inventory is usually divided into1. Raw Materials a) Natural Raw Materials Cotton, Wools and etc.b) synthetic substance Raw Materials Acrylic, Viscose, Nylon, Polyester, etc.2. Work in Process (WIP) Its starting with making Fibre from un summonsed materials (Natural and Synthetic). Following by the process of spinning with the produced Fibre and come out with Yarn as the last product in spinning. Furthermore, Yarn entrust be touch on into Grey Fabric by the process of weaving. Lastly, Processed Fabric is to be done from Grey Fabric. Processed Fabric leave alone be use for Technical Textiles, Readymade Garments and Home Textiles. These products will contribute to further production of final goods.3. Finished Goods Finished goods will be categorised under the brand of PADINI, SEED, PADINI AUTHENTICS, PCo, PDI, MIKI, VINCCI and so on. For example of finished goods are sweater, skirt, knit vest, cotton plant pant, dr ess, shirt, belt, bag, tie, jeans, blouse, 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 congenital 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 become yarn.The production process begins with yarn purchasing and progresses through knitting, dyeing, and finishing. The processed fabric is then ready for further production. Process of Manufacturing (after processed fabric) is given below in lucubrate No.DesignIt is given by buyers to manufacturers containing sketches including measurements of particular stylesmanual of arms/Computerized02Basic BlockBasic englut is an several(prenominal) component of garments without any style of designmanual of arms/Computerized03Working PatternWhen a prototype is made for a particular style with sort out dimension regarding the basic block along with accommodation then it is called working pattern.Manual/Computerized04Sample GarmentsAfter making a sample, it is sent to buyer for encomium to rectify the faults Manual05Approved SampleAfter rectify the faults, sample is again sent to buyers.Manual06CostingFabric Costing, do Charged, Trimmings, ProfitManual07Production PatternMaking allowance with net dimension 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 baseball swingManual/Computerized11CuttingTo cut fabric according to marker dimensionManual/Computerized12Sorting bundle upSort out the fabric according to size and for each size make in individual bundles Manual13SewingTo assemble a full garmentsManual14Ironi ng coatAfter sewing we will get a complete garment which is treated with steam iron 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 fixed using the first-in-first-out method for Padini Holdings Berhad for the financial year terminate 30 June. p. 62Note *Full paginate copy of Financial Statement for this particular function will show at Appendix.1.4 Amount of stop InventoriesThe amount of closing inventories as reported 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_indus try4) http//www.bloomberg.com/quote/PADMK5) http//tlc.howstuffworks.com/home/how-is-fabric-created1.htm