Fundamentals of Accounting Essay

Custom Student Mr. Teacher ENG 1001-04 12 May 2016

Fundamentals of Accounting

For “Goods for Sales” inventory is usually divided into
1. Raw Materials :
a) Natural Raw Materials: Cotton, Wools and etc.
b) Synthetic Raw Materials: Acrylic, Viscose, Nylon, Polyester, etc.

2. Work in Process (WIP) :
It’s starting with making Fibre from raw materials (Natural and Synthetic). Following by the process of spinning with the produced Fibre and come out with Yarn as the final product in spinning. Furthermore, Yarn will be processed into Grey Fabric by the process of weaving. Lastly, Processed Fabric is to be done from Grey Fabric. Processed Fabric will be used 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, P&Co, PDI, MIKI, VINCCI and so on. For example of finished goods are: sweater, skirt, knit vest, cotton pant, dress, 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 natural 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 details: No.

Design
It is given by buyers to manufacturers containing sketches including measurements of particular styles

Manual/Computerized

02

Basic Block
Basic block is an individual component of garments without any style of design

Manual/Computerized

03
Working Pattern
When a pattern is made for a particular style with net dimension regarding the basic block along with allowance then it is called working pattern.

Manual/Computerized

04
Sample Garments
After making a sample, it is sent to buyer for approval to rectify the faults Manual

05
Approved Sample
After rectify the faults, sample is again sent to buyers.
Manual

06

Costing
Fabric Costing, Making Charged, Trimmings, Profit
Manual
07
Production Pattern
Making allowance with net dimension for bulk production
Manual/Computerized
08
Grading
Different in sizes. S, M, L, XL, XXL
Manual/Computerized

09
Marker Making
Marker is a thin paper which contains all the components for different sizes for a particular style of garments

Manual/Computerized
10
Fabric Spreading
To spread the fabrics on table properly for cutting
Manual/Computerized
11
Cutting
To cut fabric according to marker dimension
Manual/Computerized
12
Sorting & Bundling
Sort out the fabric according to size and for each size make in individual bundles Manual
13
Sewing
To assemble a full garments
Manual

14

Ironing & Finishing
After sewing we will get a complete garment which is treated with steam ironing & also several finishing processes are done for example extra loose thread cutting

Manual
15
Inspection
Should be approved as initial sample
Manual
16
Packing
Treated by Polyethylene bag
Manual

1.3 Inventories Valuation Method
Cost is determined using the first-in-first-out method for Padini Holdings Berhad for the financial year ended 30 June. p. 62

Note: *Full page copy of Financial Statement for this particular section will show at Appendix.

1.4 Amount of Closing Inventories
The 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. 80

Note: *Full page copy of Financial Statement for this particular section will show at Appendix.

References:
1) http://www.indiamart.com/kishco-silver/products.html
2) http://crisil.com/pdf/research/CRISIL-Research-cust-bulletin_jan12.pdf 3) http://en.wikipedia.org/wiki/Textile_industry
4) http://www.bloomberg.com/quote/PAD:MK
5) http://tlc.howstuffworks.com/home/how-is-fabric-created1.htm

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