Material Cost Question:
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Can you please explain the difference between Bin Card and Stores Ledger?
Answer:
-Bin Card is a quantitative record of the individual item of its receipts, issues and closing balance whereas Stores Ledger records both the quantity and cost of receipts, issues and balances of item of material received.
-Bin Card is prepared by stores department whereas Stores Ledger is prepared by costing department.
-In Bin Card system, entries are made immediately after each transaction. In Store Ledger, entries are made periodically.
- In Bin Card, postings are made before a transaction. In Store Ledger, posting is made after a transaction.
-Bin Card is kept attached to the bins inside the store as to enable to identify the stock. Store Ledger is kept outside the store.
-Bin Card is prepared by stores department whereas Stores Ledger is prepared by costing department.
-In Bin Card system, entries are made immediately after each transaction. In Store Ledger, entries are made periodically.
- In Bin Card, postings are made before a transaction. In Store Ledger, posting is made after a transaction.
-Bin Card is kept attached to the bins inside the store as to enable to identify the stock. Store Ledger is kept outside the store.
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