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STORE LEDGER

Posted on November 27, 2019 By commerceiets No Comments on STORE LEDGER

Table of Contents

  • STORE LEDGER
  • FEATURES OF STORES LEDGER
  • FORMAT OF STORES LEDGER
    • ADVANTAGES OF STORE LEDGER
    • DISADVANTAGES OF STORES LEDGER

STORE LEDGER

Store ledger is maintained under Perpetual Inventory system by costing office and deals with the quantities and values of materials received, issued and balance in hand. It is an assemblage of cards or sheets, which are maintained to keep a record of quantity and cost of material received, transferred and remained in stock. Materials movements either inward or outward are recorded in quantity, rate and value and the balance of the material after each movement. It comprises if an account for each item in the stock room and keeps the record of:

  • Quantity
  • Type
  • Rate
  • Amount

FEATURES OF STORES LEDGER

The features of Store Ledger is as follows:

  • It is subsidiary ledger to the cost ledger that transacts the movements of inventory with the value of the inventory.
  • It is an accounting record of the inventory.
  • It is maintained by cost accounting department.
  • Store Ledger is updated periodically.
  • It is kept outside the stock room.
  • It contains both quantitative and monetary details.
  • It records inter-departmental transfer.
  • The summary of transactions is recorded in this.
  • Stock Ledger can provide closing stock value to prepare financial Profit and Loss Account.
  • The personnel in charge of the store ledger are not responsible for any such discrepancy.

FORMAT OF STORES LEDGER

STORES LEDGER

ADVANTAGES OF STORE LEDGER

The advantages of Store Ledger is as follows:

  • It works greatly as internal control system.
  • It may be made in manual or in computerized form.
  • It tells the quantity as well as value of the materials.
  • It facilitates the ascertainment of cost of materials received.
  • It facilitates the internal check system.

DISADVANTAGES OF STORES LEDGER

However, stores ledger suffers from some drawbacks which are as follows:

  • It contains the summary of the records not details.
  • The transactions are not updated individually.
  • It leads to overlapping of work.
Also StudyAlso StudyAlso StudyAlso Study
Cost AccountingScope of cost accountingElements of costTypes of cost
Material controlPerpetual inventory systemPricing of materialsBin Card
Stores LedgerIncentive plansOverheadsIdle time
System of wage payment in cost accountingTime rate vs piece rate wage systemCost CenterLabour Turnover
Difference between management accounting and cost accountingAllocation and apportionment of overheadsAllocation vs Apportionment of overheadsAbsorption of overheads
Over absorption and under absorption of overheadsActivity based costingTraditional costing vs ABC systemReconciliation of accounts
Unit costingCost sheet formatCost sheet vs production sheetJob costing
Batch Costingjob costing vs batch costingContract costingJob Costing vs Contract costing
Process CostingProcess costing vs job costingJoint productsBy Product 
Equivalent productionMarginal costingApplication of marginal costingCost volume profit analysis
Tools and techniques of marginal costingBudgetBreak even pointProcess of budgetary control
Advantages and limitations of budgetary controlBudgetary ControlZero base budgetingStandard Costing
Variance AnalysisStandard costing vs budgetary controlManagement accounting vs cost accountingCost accounting vs financial accounting
CONNECT ON LINKEDIN
Difference between Financial Accounting Management Accounting and Cost accounting
STORE LEDGER
COST ACCOUNTING

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  • 11 ACCOUNTANCY
  • 12 ACCOUNTANCY
  • BCOM GNDU NOTES
  • BUSINESS MANAGEMENT
  • BUSINESS ORGANISATION
  • BUSINESS STATISTICS
  • COMMERCIAL LAW
  • CORPORATE ACCOUNTING
  • CORPORATE OR COMPANY LAW
  • COST ACCOUNTING
  • DIRECT TAX LAWS
  • FINANCIAL ACCOUNTING
  • FINANCIAL MANAGEMENT
  • FINANCIAL MARKET OPERATIONS
  • GOODS AND SERVICE TAX
  • INDUSTRIAL AND LABOUR LAWS
  • INTERNATIONAL BUSINESS
  • KEY DIFFERENCES
  • MANAGEMENT ACCOUNTING
  • MANAGERIAL ECONOMICS
  • MICRO ECONOMICS
  • OPERATIONS RESEARCH
  • PARTNERSHIP ACCOUNTS
  • RISK MANAGEMENT AND INSURANCE

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