Create a Diary Journal Entry. You need to choose to be one of the Artisans described in today's lesson. The entry should be 5 sentences. In your entry, tell what artisan you are and what you make. Describe what your day is like as this artisan. If you are a tailor, you make shoes. The life of a tailor starts early in the morning. The tailor gets up early and starts to make clothes for the wealthy. The tailor makes shirts, pants, and dresses. The tailor makes lots of money working for the wealthy.
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Toggle navigation Query on accounting for tailoring business Follow 1 Replies Start a discussion Unanswered suneel bathula (Article Student)
05 March 2016 Tailoring is a Business Activity, But it includes both service and sales , then how can we draft trading and P& L Account for it, if it includes both sales and service.How can we segregate the expenses separately for sales and service.
05 March 2016 It could be understood by this simple example. We are in tailoring business and provide service of stiching clothes & sell cloth too.
Assume we have bought clothes @ Rs. 200/- per meter, and we sell this to customers at Rs. 250/- per meter being Rs. 50 as our margin (profit), And for stiching a Garment we charge Rs. 500/- as our service charge.
Customer 1 : Buys Cloth from us say 10 mtrs we charge him 250/- per meter amount Rs. 2500 Entry Cash A/c Dr. 2500 To Revenue from Sales 2500
Customer 2 : Wants to get 3 garment stich from us had brought cloth with him we charged him Rs. 1500 Entry Cash A/c Dr. 1500 To Revenue from Services 1500
Customer 3 ; Wants to get 3 garment stich from us and he also want to buy cloth from us we charged him from garment Rs. 1500/- and for cloth assume 10 mtrs Rs. 2500/- Entry Cash A/c Dr. 4000 To Revenue from Sales 2500 To Revenue from Services 1500
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HOPE your doubt is clear with this example
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