Dear Ms Panda,
Stock taking is a method of actual verification of stocks vis-a-vis stock as per accounts.
This is generally done at the time of financial year closing.
For instance --ledger balance of an item is 78.
The stock balance is 55.
Qty--10 has been issued to -----
Thus the difference 78-(55+10)=12 qty is to be accounted for.
Say qty 11 has become unusable and has not been written off so there is discrepancy of qty 1.
So efforts have to be made to trace this qty and as a last resort qty 1 has to written off.
This is a very simple illustration.
Hope this suffices.
Regards,
Col.Rathi
From India, Delhi
89Stock taking is a method of actual verification of stocks vis-a-vis stock as per accounts.
This is generally done at the time of financial year closing.
For instance --ledger balance of an item is 78.
The stock balance is 55.
Qty--10 has been issued to -----
Thus the difference 78-(55+10)=12 qty is to be accounted for.
Say qty 11 has become unusable and has not been written off so there is discrepancy of qty 1.
So efforts have to be made to trace this qty and as a last resort qty 1 has to written off.
This is a very simple illustration.
Hope this suffices.
Regards,
Col.Rathi
From India, Delhi
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