After reading this article you will learn about:- 1. Meaning of Ware-Housing 2. Objectives of the Warehousing 3. Necessity 4. Functions. Meaning of Ware-Housing: In the word 'ware-housing', 'ware' means goods in the form of manufactured items, while 'housing' means a place for their safe keeping. Hence 'ware-houses' are go-downs which keep the goods and provide other related services. These [...]
Generally, the following two methods are used for physical verification of stock: 1. Annual Physical Verification 2. Perpetual Inventory Control. Method # 1. Annual Physical Verification: In this an independent person of a high rank known as verifying officer checks the stock lying in store once in a year, so as to see that the quantities as shown in store-ledger, [...]
After reading this article you will learn about the records to be maintained in the stores. 1. Bin Card: This is a card which is attached to each bin, rack, shelf or other container for stores. A record of all materials entering or leaving the bin and balance of material in hand is kept in this card. These cards are [...]