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Cost and Management accounting free short notes PERPETUAL INVENTORY SYSTEM
Cost and Management accounting free short notes PERPETUAL INVENTORY SYSTEM defines perpetual inventory systems as “the recording as they occur of receipts, issues and the resulting balance of individual items of stock in either quantity or value.” Under this system, a continuous record of receipt and issue of material is maintained by the stores department and the information about the stock of material is always available. In the method, stock records are maintained in such a way as to make an entry in the records, the physical movement of stock on receipt and issues of materials and to indicate the balance of each item of material in the stores at any point of time. In this systems, the entries are made in bin cards and stores ledger as and when the receipt or issue of materials. The stocks as per the dual records namely bin card and stores ledger are reconciled on a continuous basis. Advantages • This system avoids the
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