ICWA Question:
Explain the difference between Bin Card and Stores Ledger?
Answer:
★ Bin Card is a quantitative record of receipts, issues and closing balance of an item of material. Whereas Stores ledger records not only quantities received or issued or in stock but also the financial expressions of the same.
★ Bin Card is maintained by stores department while stores ledger is maintained by costing department.
★ Maintenance of stores ledger provides a second check on maintenance of bin cards.
★ Bin Card is maintained by stores department while stores ledger is maintained by costing department.
★ Maintenance of stores ledger provides a second check on maintenance of bin cards.
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