stock maintenance and condemnation & role of stock in charge
DESCRIPTION
Stock Maintenance and Condemnation & role of Stock in charge. Sources Accounts Code . Types of stock registers. Consumable. Non Consumables. Role of the stock in charge. Making of requirements list Identifying the supplier Calling for quotation Preparing comparative list Placing order. - PowerPoint PPT PresentationTRANSCRIPT
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Stock Maintenance and Condemnation & role of Stock in charge
SourcesAccounts Code
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Types of stock registers
Consumable
Microsoft Office Word Document
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Non Consumables
Microsoft Office Word Document
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Making of requirements list Identifying the supplier Calling for quotation Preparing comparative list Placing order
Role of the stock in charge
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Procuring of items according to the requirement of the dept.
Entering of the items in the stock register
Taking care of the items procured Issuing of the items
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Physical Verification of Stores
• Physical verification of the quantities and condition of items held in an inventory, as a basis for accurate inventory audit and valuation.
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Frequency of stock verification
Once a year Before 31 march after the Annual Examination is over.
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excesses or shortages noticed as a result abstracted in a list, department-wise, in the following form in triplicate
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Format
NAME OF THE DEPARTMENT Stock as perStock Name of ____________ Excess
(+) Results ofRegr. the Page article Stock Physical
Shortage (-) investigation
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Excess
Excesses should be investigated to find out any omission or shortage in accounting with reference to the invoices of articles received.
They should be brought to account in the Stock Register with suitable remarks and proper steps taken to safeguard against such omissions or commissions in future.
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Shortages
Shortages indicate losses or breakages in handling and as such required detailed investigation. The lines on which investigation should be conducted are indicated in Article 187
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Whenever there is a change in the incumbency due to transfer, death, etc In regard to loss of stores due to theft, report should be sent as explained in Article 235.
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In regard to loss of stores other than due to theft, responsibility has to be fixed on the stock holder. For this purpose a report should be furnished immediately after such losses come to notice.
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loss of stores due to breakage
As and when breakages arise, action should be taken to fix responsibility on the student or staff at fault and to recover the cost price or market price, whichever is higher.
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A receipt in form CS 12 should be issued to the part concerned and the amount credited as miscellaneous income.
A note of the breakage should be kept in a register in form CS 48.
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As regards other breakages, that is, accidental breakages while conducting experiments, an on-the-spot investigation should be conducted by the Principal and the result thereof recorded in a register which should be
for each department separately.
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Condemnation Board
As soon as the annual physical verification is completed, a Condemnation Board consisting of two members of the Management Committee and the Principal should be constituted.
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to investigate into the deficiencies in the stock
make recommendations to the Sangathan either for recovery of the cost of articles or write off the cost price of the articles.
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While making recommendations for write off, the Condemnation Board should take into consideration the period of effective life of the article
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Powers of condemnation Board
The report of the losses/breakages should be considered by the Executive Committee, VMC who has full powers up to Rs.50,000/- in a year to condemn stores of all kinds.
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Cases involving condemnation of stores beyond this limit and all cases involving fraud, embezzlement, misappropriation or theft will be condemned with the approval of Commissioner, KVS.
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The report of the losses/breakages should be sent to the Regional Officer along with the minutes of the Executive Committee/VMC by l st July each year.
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Format of condemnation of articles List
Microsoft Office Word 97 - 2003 Document
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Life of assets fixed by KVS
Microsoft Office Word Document
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However, if the total book value of articles to be written off works up to Rs.500/- the articles may be written off under the powers delegated to the Principal and a copy of the sanction along with the report submitted to the Regional Office in duplicate.
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No articles should be written off from the Stock Register without proper sanction and a reference to the sanction No. and date should be given in the Stock Register in support of the entry for write off.
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Conclusion
Stock verification ensures: - The proper, efficient and effective maintenance
& use of materials in the stock, and The accountability in the system.
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Thank you
My sincere Thanks to our Director for giving me an opportunity to share idea about stock verification & write off