Hi Deepthi! I had asked this exact question when I joined DTO. I would suggest you to take a look at the clothed figure course and download the PDF.
From what I know, it is all about visualizing cylinders.
As far as acrylic goes or any medium for that matter, it is about controlling your values. If you can render a cylinder in pencil, it is the same principle.
A good book on folds that I know of is Drawing People: How to portray the clothed figure by Barbara Bradley.