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A stock ledger control system is an accounting tool used to track and manage inventory levels, movements, and valuations within a business. It maintains detailed records of stock transactions, including purchases, sales, and returns, ensuring accurate inventory counts and financial reporting. This system helps businesses optimize their inventory management processes, reduce losses, and improve cash flow by providing real-time visibility into stock levels and costs. Ultimately, it supports better decision-making regarding purchasing and sales strategies.
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What is a stock ledger?
a book that you list your stock in
There are two types of control account what are they?
sales ledger control account and purnchase ledger control account
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
What is stock discrepancy?
The mismatch between bin card and stock ledger is called as "stock discrepancy".
How do you fill out corporate stock certificates and the transfer ledger?
how to fill a membership transfer ledger book
Which ledger contain control accounts?
A general ledger contains control accounts. This type of accounting system allows for more detailed accounting details to be entered into a separate ledger altogether.
What is a stock ledger?
a book that you list your stock in
There are two types of control account what are they?
sales ledger control account and purnchase ledger control account
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
What is stock discrepancy?
The mismatch between bin card and stock ledger is called as "stock discrepancy".
How do you fill out corporate stock certificates and the transfer ledger?
how to fill a membership transfer ledger book
The Reorder level system In Inventory control?
Level of stock at which order is made for new stock.
Is a control account part of the double entry system?
Yes. The balancing entry is passed in the self balancing ledger.For e.g. an increase in debtors due to sales will have the following entry passed- Debtors Ledger Adjustment a/c[In the general ledger] dr. To Sales a/c General Ledger Adjustment a/c[In the Debtors Ledger] dr. To Debtors Ledger Adjustment a/c[In The general Ledger]
What is Self-Balancing system in accounting?
Under the self-balancing system, it is possible to construct a complete trial balance from each ledger, debtors ledger, creditors ledger
Is a stock ledger the same as a bin card?
No stock ledger and bin card are not same because it does not hold all details of the product as in ledger. The bin card holds details of the quantity, date of receiving product, issue, quantity after and before issue etc M.Sai Kumar
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
