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Bin cards, which are sometimes referred to as inventory cards or stock cards, are record-keeping documents used in retail and other businesses that require a stock room. They keep a running balance of a business's inventory.
- What is bin card and its benefits?
- Is Bin card necessary?
- What bin card means?
- What is the meaning of bin card in accounting?
- What is bin card record?
- What are the advantages and disadvantages of bin card?
- What is bin card give specimen of bin card?
- Why do we use bin card in physical inventory?
- What is the full form of bin card?
- What purposes do bin card and stores ledger serve?
- How is a bin card maintained?
- What is the formula of maximum stock level?
- What is store ledger?
What is bin card and its benefits?
Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag. Bin Card helps to monitor the total inventory process.
Is Bin card necessary?
Advantage of Bin Card
It will help the stock keeper to keep track of each inventory or material level and propose any purchase if necessary. There is the minimum level of each material on the card bin which will help the staff to alert to their supervision.
What bin card means?
Also known as bin tag or stock card, Bin Card is the statement or report of the issue and receipt of the stocks from a retailing business's store department. Bin Cards are primarily used by those retailing businesses that have a vast stock warehouse.
What is the meaning of bin card in accounting?
In cost accounting, bin card is used to mean a document that keeps a record of the items held in stores. Bin implies a container or space to keep materials, and with each bin, a card is placed, that comprises of details of material received, issued and returned.
What is bin card record?
Bin card is maintained in store for each of the item. It records in and out quantity of the item. Bin card is kept for recording the inward and outward of material. This shows the availability of stock of each item.
What are the advantages and disadvantages of bin card?
(i) Store records are dispersed over a wide area. (ii) The cards are liable to be smeared with dirt and grease because of proximity to material and also because of handling materials. ADVERTISEMENTS: (iii) People handling materials are not ordinarily suitable for the clerical work involved in writing Bin Cards.
What is bin card give specimen of bin card?
Bin card is the statement of all the receipts and issue of the stock from the store department. It is also called stock card or bin tag. It is the responsibility of the store keeper to write every in and out of stock from the store.
Why do we use bin card in physical inventory?
Bin Cards helps to monitor the total inventory process. This Card is Similar to library card that shows total movements of the library books and keeps the tracking of that books. Bin Card is issued to track the number of items held in a warehouse or stock rooms.
What is the full form of bin card?
Bank Identification Number (BIN) Definition. Banking. Credit Cards.
What purposes do bin card and stores ledger serve?
Bin Card vs Stores Ledger
The difference between Bin Card and Stores Ledger is that bin card is used in a company to record the transactions of the business which records material received, issued and balance but store ledger is used to record the amount, quantity, type and rate of the material.
How is a bin card maintained?
Explanation : Bin card is maintained by stores department. Store ledger is prepared by cost accounting department.
What is the formula of maximum stock level?
Maximum Stock Level = Reordering Level + Reorder Quantity – (Minimum Consumption x Reorder period) = 3,000 + 1,600 – (120 X 10) = 3,000 + 1,600 – 1,200 = 2,400 units. ADVERTISEMENTS: The three other factors must also be explained very carefully.
What is store ledger?
A stores ledger is a manual or computer record of the raw materials and production supplies stored in a production facility. It is maintained by the person responsible for these assets, such as the warehouse manager.
