Expenses of tailoring business

Any expense that your client is incurring show in P&L & the machine he is owning should be capitalised.

Expenses Staff salary Staff welfare Water and electricity expenses Rent Repairs and maintenance of machines office eyc. Books and periodicals Depreciation Staff food and beverages Travelling and conveyance expenses Assets Vehicle used for budiness purpose Building Machines Cash in hand Cash at bank Stock Debtors

Expenses incurred to procure raw materials, for electricity, telephone, spare parts, salary, rent, conveyance, legal fees if any, accounting fees, licence fees if any, bank charges, advertising exp, depreciation on machines etc. 

Cost of fabric, thread, button, trims, rent, electricity, telephone, employees expences, pilferage, interest, depreciation of machine n other assets, advertisement, local body taxes n other legal fees, stationary, housekeeping expences ets Assets: fixed asset can be building, swing machine, furniture n fixtures , vehical, computer and current asset can be inventories in the form of fabric, thread, button, niddle, trims, cash in hand and bank, debtors, deposit, other advances

TO PROFESSIONAL CHARGES
TO DEPRECIATION
TO TEA & REFRESHMENT
TO MISC. EXPENSES
TO TRAVELING EXP
TO TELEPHONE EXPENSES
TO DIWALI EXPENSES
TO STATIONARY
TO DELIVERY CHARGES
TO FUEL EXPENSES
TO ELECTRICITY & MAINTAINANCE

No need show all those things it is small or medium size businessess mere declare as a profit from business or profession.

This kind of business everything maintained cash basis only. Not in accrual basis.

I feel it's better to show business related expenses for which he's holding records, if it's for tax purpose and he's not maintaining any accounts..but if it's to know result of his business for a particular period then, better take into account all the expenses he paid out of his cash drawer, and bank account of his business in that period..

The expenses that can form part of P & L Account

consumable purchases which include

Buttons, zips, oil, threads.

maintenence - Scissors, Measuring tape, markers

Regular

Shop Expenses, Pooja Exps, Salary, telephone, electricty, tea & refreshment, misc

 

Assets

Only the sewing machines, furniture, electrical fittings, Fan/ AC

Dear Sir,

 

Please tell me what is account head if a tailor just take cloths from party and sewing such cloths. He charges only for  sewing.

 

Mishra

 

Am Umar Ja'afar Al-jenewy and am from Nigeria. am a fashion designer

Originally posted by : Umar Ja'afar Al-jenewy
	Am Umar Ja'afar Al-jenewy and am from Nigeria. am a fashion designer

 

Can you please clarify your question?