1. The document discusses process costing used by Volant Textile Mills Ltd, an Indian textile manufacturer. It describes the key processes in textile manufacturing - spinning, weaving, dyeing/printing, and finishing.
2. It provides process accounts for 3 manufacturing processes at Volant Textile Mills, showing costs allocated and units transferred between processes.
3. Volant Textile Mills was established in 1993 and manufactures cotton and bleached grey fabrics for export markets. It has expanded production capacity over time through additional machinery investments.
The yarn realization is the most important factor to assess the technical performance and profitability of spinning mills. Yarn realization means conversion of raw material in percentage terms into finished yarn. This articles described What are the key factors affecting yarn realization and how to manage it.
The yarn realization is the most important factor to assess the technical performance and profitability of spinning mills. Yarn realization means conversion of raw material in percentage terms into finished yarn. This articles described What are the key factors affecting yarn realization and how to manage it.
Studied about the Amul Ice Cream Company situated in India and analyzed its cost sheet on the basis of various aspects to answer some of the most important questions pertaining to its manufacturing costs and cost sheet.
Testing is the process or procedure to determines the quality of a product.The testing of textile products is an expensive business. A textile commercial laboratory has to be set up and furnished with a range of test equipment.Textile Testing & Quality Control (TTQC) is very important work or process in each department of export oriented industry. Buyers want quality but not quantity. In every department of textile industry quality maintained of each material, because one material’s quality depend on another’s quality. For example, if qualified fiber is inputted then output will be good yarn.
Lab dip is a process by which buyers supplied swatch is matched with the varying dyes percentage in the laboratory with or without help of “DATA COLOR”
Lab dip plays an important role in shade matching & and detaching the characteristics of the dyes and chemicals are to be used in the large scale of production. So this is an important task before bulk production.
The presentation is on the basis of visiting a spinning mills . It is normally for textile engineering's student. One can easily get a concept for industrial visit. Before a mill visit this presentation should see.
Fabric Compacting Process and Compacting MachinesRakin Rasheed
A small presentation on Compacting Process which is the most important mechanical finishing process for knitted fabric to control GSM, width, shrinkage etc according to the buyer requirement.
Studied about the Amul Ice Cream Company situated in India and analyzed its cost sheet on the basis of various aspects to answer some of the most important questions pertaining to its manufacturing costs and cost sheet.
Testing is the process or procedure to determines the quality of a product.The testing of textile products is an expensive business. A textile commercial laboratory has to be set up and furnished with a range of test equipment.Textile Testing & Quality Control (TTQC) is very important work or process in each department of export oriented industry. Buyers want quality but not quantity. In every department of textile industry quality maintained of each material, because one material’s quality depend on another’s quality. For example, if qualified fiber is inputted then output will be good yarn.
Lab dip is a process by which buyers supplied swatch is matched with the varying dyes percentage in the laboratory with or without help of “DATA COLOR”
Lab dip plays an important role in shade matching & and detaching the characteristics of the dyes and chemicals are to be used in the large scale of production. So this is an important task before bulk production.
The presentation is on the basis of visiting a spinning mills . It is normally for textile engineering's student. One can easily get a concept for industrial visit. Before a mill visit this presentation should see.
Fabric Compacting Process and Compacting MachinesRakin Rasheed
A small presentation on Compacting Process which is the most important mechanical finishing process for knitted fabric to control GSM, width, shrinkage etc according to the buyer requirement.
Efficiency losses calculation and identify causes of losses of circular knitt...Elias Khalil (ইলিয়াস খলিল)
This thesis deals with a major problem of production loss of a knitting industry. The knitting machine has to stop when defects occurred and then faults are corrected, which results in time loss and efficiency loss. Not only that the knitted fabric may be rejected if quality requirements are not met. An effective monitoring is required to avoid defects and to avoid productivity and quality losses. The study identifies two main categories of defects (average time required for correcting defects and machine down time) are responsible for reducing productivity. The thesis reflects that due to yarn breakage machine stopped for seen minutes per days, for maintaining machine stopped for two hours per month, for needle breakage six minutes per day and for technical problem machine stopped for several times.
Textile Internship report at OCM Private Limited, Amritsar, Punjab, belonging to a student from 5th semester, B.FTech, NIFT. The report covers all departments of the production unit - dyeing, spinning, weaving, mending, inspection, finishing, and quality assurance.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
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Message: @Pi_vendor_247 on telegram.
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
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5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
2. 2
A study on Process
Costing with
reference to
VOLANT TEXTILE
MILLS LTD.
3. 3
INDEX
Sr.
No.
TOPIC Page
No.
1 Introduction
Meaning
Definition
Features
Advantages/Limitations
Terminologies
8
2 Application of Process Costing 12
3 Format of Process account 13
4 Case Studyon Volant Textile Mills
Ltd.
Textile industry in India
About the unit
Company History
Products
14
5 Processes involvedin
Manufacturing
Spinning
Weaving
Dyeing & Printing
Finishing
17
6 Process Accounts of VTML 21
7 Conclusion 23
8 Bibliography 24
4. 4
Introduction:
Process Costing
Meaning
Process costing is an accounting methodology that traces and accumulates direct
costs, and allocates indirect costs of a manufacturing process. Costs are assigned to
products, usually in a large batch, which might include an entire month's production.
Eventually, costs have to be allocated to individual units of product. It assigns average
costs to each unit.
Process costing is a method of assigning costs to units of production in companies
producing large quantities of homogeneous products.
Process costing is suitable for industries producing homogeneous products and where
production is a continuous flow. A process can be referred to as the sub-unit of an
organization specifically defined for cost collection purpose.
Definition
5. 5
CIMA defines process costing as "The costing method applicable where goods or
services result from a sequence of continuous or repetitive operations or processes.
Costs are averaged over the units produced during the period".
Advantages of process costing:
1. Costs are be computed periodically at the end of a particular period
2. It is simple and involves less clerical work that job costing
3. It is easy to allocate the expenses to processes in order to have accurate costs.
Features
Homogenous
products
Continuous
process
Cost centers
Standardized
processes
Equivalent
productionunits
6. 6
4. Use of standard costing systems in very effective in process costing situations.
5. Process costing helps in preparation of tender, quotations
6. Since cost data is available for each process, operation and department, good
managerial control is possible.
Limitations:
1. Cost obtained at each process is only historical cost and are not very useful for
effective control.
2. Process costing is based on average cost method, which is not that suitable for
performance analysis, evaluation and control.
3. Work-in-progress is generally done on estimated basis which leads to inaccuracy in
total cost calculations.
4. The computation of average cost is more difficult in those cases where more than
one type of products is manufactured and a division of the cost element is necessary.
5. Where different products arise in the same process and common costs are prorated
to various costs units. Such individual products costs may be taken as only
approximation and hence not reliable.
7. 7
FrequentlyUsed Terms in Process Costing:
Normal loss
This is the term used to describe normal expected wastage under usual operating
conditions. This may be due to reasons such as evaporation, testing or rejects.
Abnormal loss
This is when a loss occurs over and above the normal expected loss. This may due to
reasons such as faulty machinery or errors by labourers.
8. 8
Abnormal gain
This occurs when the actual loss is lower than the normal loss. This could, for
example, be due to greater efficiency from newly-purchased machinery.
Work in progress (WIP)
This is the term used to describe units that are not yet complete at the end of the
period. Opening WIP is the number of incomplete units at the start of a process and
closing WIP is the number at the end of the process.
Scrap value
Sometimes the outcome of a loss can be sold for a small value. For example, in the
production of screws there may be a loss such as metal wastage. This may be sold to
a scrap merchant fora fee.
9. 9
Application of Process Costing
Cost Flow Chart
PROCESS
INDUSTRIES
Oil
refining
Chemical
processing
Textiles
RubberSteel
Shoes
Food
production
10. 10
Process Account Format
Process I A/c
Particulars Units Rs. Particulars Units Rs.
To Direct Material XX XXX By Normal Loss A/c XX XXX
To Direct Wages XXX By Abnormal Loss
A/c
XX XXX
To Direct
Expenses
XXX By Process IIA/c
(output transferred.
to next process)
XX XXX
To Production
Overheads
XXX By Closing Stock A/c XX XXX
To Abnormal
Gains
XX XXX
XX XXX XX XXX
11. 11
Case Study on Volant Textile Mills Ltd.
Textiles: The word 'textile' is from Latin, from the adjective textilis, meaning
'woven', from textus, the past participle of the verb texere, 'to weave'.
Textile industry in India
The Textile industry in India traditionally, after agriculture, is the only industry that has
generated huge employment for both skilled and unskilled labour in textiles. The textile
industry continues to be the second largest employment generating sector in India. It
offers direct employment to over 35 million in the country. In 2010, there were 2,500
textile weaving factories and 4,135 textile finishing factories in all of India.
About the unit
Volant Group is promoted by the Somani family, which has a textile manufacturing
background since the year 1932 in Mumbai, India.
Volant is a multi-divisional textile manufacturing company having its facilities located at
Solapur. The scope of its business includes yarn dyeing, weaving, woven fabric
processing, knit processing, finishing and designing with state-of-the-art infrastructure.
Volant has also taken a 3 years management contract an open end (OE) spinning
plant for cotton yarn there by having better control on the quality of yarn.
Date of Establishment: 1993
Market Capital: 49.4703 (Rs. in Millions)
Management Details: Chairperson - Rajesh Somani
MD - Anantvikram Somani
Business Operation: Textile - Spinning
12. 12
Company History
Volant Textile Mills Ltd. incorporated in 1994, is a 100% Export Oriented Unit
manufacturing cotton and bleached grey fabrics. The weaving unit comprises of- 36
nos. Sulzer machines - Model PU 130 ES 120 E10 D1 having 130' reed space. 5 nos
of these Sulzer machines are with batching motion, 6 nos. Sulzer machines – Model
PU 130 having 130” reed space with Dobby, 10 nos. Somet Rapier SM93 Model
Looms having 90” reed space with Jacquard 1344 hooks, High Speed wrapping
machine from Benninger India Ltd. Twin sow-box sizing machine with synchro-four
system from Amba Machine Works Pvt. Ltd.
Weave - direct humidification plant from LTG, Germany
Inspections, checking, roll & bale packaging equipments
Generator plant for full capacity requirement
It has exported to all major markets of the world like Australia, Bangladesh, EEC,
Hong Kong, Israel, Nigeria, Russia, Taiwan, USA. The company follows the American
10 point grey inspection
All its fabrics are of closed selvedge and can be exported in bales or rolls The
Weaving unit comprises of Sulzer machines - Model PU 130 ES 120 E 10 D1 having
130' and 153' reed space.
In 2008, the promoters have made payment to SASF for buy back of 7,50,000 Equity
shares at par, as per terms of the negotiated settlement the Company had entered into
with SASF on September 27, 2006.
13. 13
The Company added 6 Sulzer weaving machines with Dobby and 10 Jaquard weaving
machines, commercial production of which started on October 09, 2008. The addition
of machines was with reference to proposed Draft Rehabilitation scheme which has
been submitted to the Operating Agency for bringing about Viability for the Company.
Products:
1. Fancy Shirting
2. Fibres & Acrylic Waste
3. Fabrics
4. Fabrics Lumps
5. Scrap
Registered Office address: Ansa Industrial Estate,Saki Vihar Road,Saki Naka,
Andheri (E),Mumbai 400072.
14. 14
Processes involved in Manufacturing
Spinning
Weaving
Dyeing +Printing
Finishing
1. Spinning
Spinning is a process of making or converting fibre materials into yarns. Since few centuries
ago, spinning have been known as a process of converting raw materials (fibre) such as cotton
and wool into yarns for making textile fabric or products.
Fibres cannot be used to make clothes in their raw form. For this purpose, they must be
converted into yarns. The process used for yarn formation is spinning.
The raw fibre arrives at a spinning mill as compressed mass which goes through the processes
of blending, opening and cleaning. Blending is done to obtain uniformity of fibre quality.
Opening is done to loosen the hard lumps of fibre and disentangle them. Cleaning is required
15. 15
to remove the trash such as dirt, leaves, burrs and any remaining seeds. The combing process
is identified with better quality because long staple yarn produces stronger, smoother and
more serviceable fabrics.
Drawing pulls the staple lengthwise over each other. As a result longer and thinner slivers are
produced. After several stages of drawing out, the sliver is passed to the spindles where it is
given its first twist and is then wound on bobbins. 'Roving' is the final product of the several
drawing-out operations. It is the preparatory stage for the final insertion of twist. Till now,
enough twist is given for holding the fibres together but it has no tensile strength. It can break
apart easily with a slight pull. The roving, on bobbins, is placed in the spinning frame, where it
passes through several sets of rollers running at high speed and finally the 'Yarn' is produced of
the sizes desired.
2. Weaving
Weaving is a method of fabric production in which two distinct sets of yarns or threads are
interlaced at right angles to form a fabric or cloth.
Cloth is usually wovenon a loom, a device that holds the warp threads in place while filling
threads are woven through them. A fabric band which meets this definition of cloth (warp
threads with a weft thread winding between) can also be made using other methods,
including tablet weaving, back-strap, or other techniques without looms.[3]
The way the warp and filling threads interlace with each other is called the weave. The majority
of woven products are created with one of three basic weaves: plain weave, satin weave,
or twill. Woven cloth can be plain (in one colour or a simple pattern), or can be woven in
decorative or artistic designs.
In order to interlace the warp and weft yarn, there are three operations which often
called primary motions are necessary:
Shedding- The process of separating the warp yarn into two layers by raising the
harness to form an open area between twosets of warps and known as shed.
Picking- The process of inserting the filling yarn through the shed by the means of
the shuttleless while the shed is opening.
Beating- The process of pushing the filling yarn into the already woven fabric at a point
known as the fell and done by the reed.
16. 16
3. Dyeing & Printing
Dyeing is the process of adding colour to textile products like fibres, yarns, and fabrics.
Dyeing is normally done in a special solution containing dyes and particular chemical material.
After dyeing, dye molecules have uncut chemical bond with fibre molecules. The temperature
and time controlling are two key factors in dyeing.
The common dyeing process of cotton yarn with reactive dyes at package form is as follows:
1. The raw yarn is wound on a spring tube to achieve a package suitable for dye
penetration.
2. These softened packages are loaded on a dyeing carrier's spindle one on another.
3. The packages are pressed up to a desired height to achieve suitable density of packing.
4. The carrier is loaded on the dyeing machine and the yarnis dyed.
5. After dyeing, the packages are unloaded from the carrier into a trolley.
6. Now the trolley is taken to hydro extractor where water is removed.
7. The packages are hydro extracted to remove the maximum amount of water leaving the
desired colour into raw yarn.
8. The packages are then dried to achieve the final dyed package.
Textile printing is the process of applying colour to fabric in definite patterns or designs. In
properly printed fabrics the colour is bonded with the fibre, so as to resist washing and friction.
Textile printing is related to dyeing but in dyeing properly the whole fabric is uniformly
covered with one colour, whereas in printing one or more colours are applied to it in certain
parts only, and in sharply defined patterns.
In printing, wooden blocks, stencils, engraved plates, rollers, or silkscreens can be used to
place colours on the fabric. Colorants used in printing contain dyes thickened to prevent the
colour from spreading by capillary attraction beyond the limits of the pattern or design.
4. Finishing
In textile manufacturing, Finishing refers to the processes that convert the woven or knitted
cloth into a usable material and more specifically to any process performed after dyeing the
yarn or fabric to improve the look, performance, or "hand" (feel) of the finished textile or
clothing.
Some finishing techniques such as bleaching and dyeing are applied to yarn before it is woven
while others are applied to the grey cloth directly after it is woven or knitted. Some finishing
techniques, such as fulling, have been in use with hand-weaving for centuries; others, such as
mercerisation, are by-products of the Industrial Revolution.
YARN DYEING
17. 17
Equipped with State-of-the -Art
dyeing machinery from Thies German, for Yarn and Beam dyeing capacity of 6 mt / day.
KNIT PROCESSING
The Knit Processing capacity is 12
mt / day with finest machines. We are equipped with HT Fabric Dying machines from Sclavos,
Greece. Relaxed Dryer from Santex, Switzerland. Baloon Padder from Bianco, Italy and a
Compacter from Tubetex, USA
FABRIC PROCESSING
Processing capacity of about 40,000
meters per day. The machines include Jigger Dyeing, Monforts Stenters (one having Stork coating
attachment), Muzzi Sanfor, Hansa Calender and Teesta Packaging, using leading European
technology.
18. 18
In the Books of Textile Mills Ltd.
Process Accounts
(Approx. Figures)
Dr. ProcessNo. 1 A/c. Cr.
Particulars Unit Rs. Particulars Units Rs.
To Material @
Rs.1000
5000 5000000 By Normal Loss
(sale of Scrap)
250 12500
To Wages 200000 By Weight Loss 250 --
To Expenses 162500 By Process 1 Stock
A/c. (@ 300 per
ton)
4500 1350000
5000 1362500 5000 1362500
Dr. ProcessNo. 1 Stock A/c. Cr.
Particulars Unit Rs. Particulars Units Rs.
To Process 1
A/c.
4500 1350000 By Bank ( @ 320
)
1500 480000
To Costing
Profit & Loss
A/c.
30000 By Process No.2
A/c.
3000 900000
4500 1380000 4500 1380000
Dr. ProcessNo. 2 A/c. Cr.
Particulars Unit Rs. Particulars Units Rs.
To Process 1
A/c.
3000 900000 By Normal Loss (
@ Rs.50 )
150 7500
To Wages 150000
To Expenses 54000 By Weight Loss 300 --
By Process 2 Stock
A/c. ( @ Rs.430 )
2550 1096500
3000 1104000 3000 1104000
Dr. Process No. 2 Stock A/c. Cr.
19. 19
Particulars Unit Rs. Particulars Units Rs.
To Process 2
A/c.
2550 1096500 By Bank
To Costing P
& L A/c.
25500 ( sale @ 450 ) 1275 573750
162500 By Process 3 A/c. 1275 548250
2550 1222000 2550 1222000
Dr. ProcessNo. 3 A/c. Cr.
Particulars Unit Rs. Particulars Units Rs.
To Process 2
StockA/c.
1275 548250 By Scrap 255 12750
To Wages 35000 By Weight Loss 255 --
To Expenses 18550 By Process 3 Stock
A/c.
765 589050
1275 601800 1275 601800
Dr. Process No. 3 StockA/c. Cr.
Particulars Unit Rs. Particulars Units Rs.
To Process 3
A/c.
765 589050
To Costing
P & L A/c.
22950 By Bank ( sale @
800 )
765 612000
765 612000 765 612000
Dr. Costing Profit & Loss A/c. Cr.
Particulars Rs. Particulars Rs.
To Management Expenses 52500 By Process 1StockA/c. 30000
To Selling Expenses 40000 By Process 2 StockA/c. 25500
To Interest on Capital 10000 By Process 3 StockA/c. 22950
By Net Loss 24050
102500 102500
20. 20
Conclusion
The researcher has observed the following points:
Process costingis used in situations where homogeneous products or
services are produced on a continuous basis.
To compute unit costs in a department, the department's output in terms of
equivalent units must be determined.
Volant Group is promoted by the Somani family, which has a textile
manufacturing background since the year 1932 in Mumbai, India.
It has a multi divisional textile manufacturing company having its facilities
located at Solapur.
The scopeof its business includes yarn dyeing, weaving, woven fabric
processing, knit processing, finishing and designing with state-of-the-art
infrastructure.
This company is operational from the year 1993.
Raw materials used include cotton, silk, wool, flax, polyester, dyes,
chemicals and auxiliaries.
The processesinvolve spinning, weaving, dyeing, printing and finishing.
Volant has also taken a 3 years management contract on an open end
spinning plant for cotton yarn there by having better controlon the quality
of yarn.