Difference between Store Ledger and Bin Card
Cost Accounting Notes B.Com CBCS Pattern
Store Ledger
Store ledger is a document showing the quantity and value of materials received, issued and in balance at the end. One stores ledger is allotted to each component of material. Entries are made in this ledger by the costing clerk with reference to goods received note, material requisition note, material returned note etc. It is very similar to the bin card except it contains additional columns showing the prices and value of materials received, issued and balance in hand. It gives the value of closing stock at any time. Besides, a store ledger contain information like name of the material, code number, different stock levels etc.
Bin Card
Bin is a place where materials are kept in. It may be a rack, container, shelf or space where stores are kept. Bin card is a document showing the particulars of materials kept in the bin. It is a document attached to the bin disclosing the quantitative details of materials received, issued and the closing balance. A bin card is used for each item of material. Each receipt and issue is recorded on the bin card in a chronological order and the latest balance is shown after each receipt and issue. Bin card is maintained by the store keeper. It indicates information like different stock levels. No, name of material, material code number, stores ledger folio number, quantity of materials received, issued and the balance in hand.
Also Read: Important Questions for Upcoming Exam
Unit – 2: Material Control – Purchase and Issue (Part A)
(These Questions are subject to modification, if necesary. Download DTS Application for complete notes)
Q. What are various techniques of Inventory Control? Explain them in detail. 2015SN, 2018
Q. Explain in brief the process of purchasing and receiving goods.
Q. Write Short notes on:
Ø EOQ and its calculation 2010, 2015
Ø ABC analysis differs from VED analysis 2013, 2014, 2016SN, 2019SN
Ø Perpetual (2018SN) and Periodical Inventory System
Ø Materials Losses, Scraps, Defectives and Spoilage
Q. Practical Questions:
a) Calculation of EOQ with offer comparison, 2012
b) Various levels of material – Reorder level, maximum level, minimum stock level. 2014
c) Pricing of material issue – LIFO, FIFO, Weighted average and Simple average (focus of return and loss of goods). 2019
Difference between Store Ledger and Bin Card
| Store Ledger | Bin Card |
| 1. It is a record of both quantity and value. 2. It is maintained by the cost clerk. 3. It is kept in the cost office. 4. Entries are made by the cost clerk. 5. Entries are made on the basis of documents like goods received note, material requisition note etc. 6. Posting are made after the transactions. 7. Transactions are periodically recorded. 8. Inter departmental transactions are recorded for costing purpose. 9. Facilitates physical verification of closing stock. |
1. It is a record of quantity only.
2. It is maintained by the storekeeper. 3. It is attached to the bin. 4. Entries are made by the store keeper. 5. Entries are made on the basis of actual quantity received and issued. 6. Postings are made before the transactions. 7. Individual transactions are recorded. 8. Inter departmental transfers are not shown. 9. Facilitates physical verification of closing stock. |