Our Recommendations :-
Follow CA CPT | CA Foundation FB Page

difference between bin card and stores ledger

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked about 3 years ago

    0       0 Answer Now Comment Report
5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

Bin card is the document in the stores custody where the history of transactions of an item is maintained. There are separate bin cards maintained for each of the stores item under separate catalogue number. Store ledger is Integrated and align cost structure to reduce cost and provides global unit cost information across plants and legal entities providing an global transparent view of costs and variances Difference B/W Bin card and Stores Ledger Following are the main differences between bin card and store ledger. **User** Bin card is maintained by the storekeeper. Store ledger is prepared by cost accounting department. **Nature** Bin card is a record of quantity only. Store ledger is a record of quantities and values. **Period** In bin card, entries are made immediately after each transaction. In store ledger, entries are made periodically. **Posting** Postings are made before a transaction in bin card. Posting are made after a transaction in store ledger. **Using Department** Bin card is kept inside the store. Store ledger is kept outside the store.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

**DIFFERENCE BETWEEN BIN CARD AND STORES LEDGER** Bin card is maintained by storekeeper Stores ledger is maintained by cost accounting department Bin card is stores recording document. Stores ledger is accounting record. Bin card is quantitative only Stores ledger is quantitative cum financial record. The time of recording in bin card is at the time of transaction. The time of recording in stores ledger is after the transaction takes place. In bin card no separate source document is required. In stores ledger posted from MAterial requisition slips etc In bin card transactions are recorded separately In stores ledger transactions are posted on summary basis. Thanks

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Alokita answered about 3 years ago

**Differences between Bin card & Stores Ledger** 1. Bin card is maintained by the storekeepers in the store itself whereas Stores ledger is maintained in costing department. 2. Bin card contains only the quantitative details of materials received, issued ad returned to stores, on the other hand stores ledger contains information both in quantity and value. 3. Inter-departmental transfers do not find a place in bin card whereas material transfers from one job to another are recorded in stores ledger (for costing purposes) 4. All the transactions that are recorded in bin cards are posted individually but some transactions may be posted in stores ledger in summarized form. 5. Entries are made in bin card simoultaneously with the transaction (i.e at the same time) but in stores ledger entries are always post transaction.

    1       0 Comment Report
Data?1494421730 rohit awasthi answered about 3 years ago

Hi Uma Bin Card Bin card is the document in the stores custody where the history of transactions of an item is maintained. There are separate bin cards maintained for each of the stores item under separate catalogue number. Each receipt and issue transactions are posted in the bin card giving the up to date stock position of the item. The item description, unit of transaction and location of items are also maintained in the Bin card. A typical Bin card has two parts , the top of the card and the bottom of the card. Usually, while the top of the card shows the receiving history of the item , the bottom of the card shows issues of the item. Functionally, when an item is received in the stores, its receipt details are written on the top of the card and thus its history of receiving gets maintained. Similarly, when it is issued from stores , the issue details are written on the bottom of the card to maintain its issue history. With increasing use of computers now a days, the role of Bin cards is slowly and gradually diminishing and in most of the stores the manual handling of this vital information database has given way to a highly sophisticated computerized system. Stock Ledger- Integrate and align cost structure to reduce cost Provides global unit cost information across plants and legal entities providing an global transparent view of costs and variances Analytical information by scorecards, statutory reports, and performance analysis Provide accurate profitability information Maximizes corporate profitability to grow market capitalization and shareholder value Integrate planning with a single model across the enterprise to improve organizational alignment and financial performance Provide real-time information quickly Thanks

    3       0 Comment Report
Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiii friend.... Difference B/W Bin card and Stores Ledger ----------------------------------------- Following are the main differences between bin card and store ledger. 1. .**User** Bin card is maintained by the storekeeper. Store ledger is prepared by cost accounting department. 2. **Nature** Bin card is a record of quantity only. Store ledger is a record of quantities and values. 3. **Period** In bin card, entries are made immediately after each transaction. In store ledger, entries are made periodically. 4. **Posting** Postings are made before a transaction in bin card. Posting are made after a transaction in store ledger. 5. **Using Department** Bin card is kept inside the store. Store ledger is kept outside the store. Regards, Jitendra Suthar

    1       1 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.