Classwork Exercise and Series (Business Studies-JSS3): Store Records

Meaning of a store

A store can be defined as a place where goods are kept for future use. A store house is also known as the warehouse. It is a place that must be easy to reach and good for safekeeping of items.

The items kept in the store house are: raw materials, semi finished goods, finished goods, spare parts that may be used from time to time for the performance of their activities.

Store Record: A store record is a detailed account of all items of goods, raw materials, semi finished goods, finished goods, spare part etc which are kept in the store.

A store record is an important document that helps an organization to determine the rate of use of raw materials and spare part so as to know the time to buy more into the store.

The rate of use will help the organization to determine how much money to be allocated for the purchase of materials to replenish the stock.

Types of store record

The following are the types of store records

• The stock record card: The store record card is like the picture of all the items in the store. It provides the detailed of information about the quantity of goods supplied or received in the store room with dates. It also carries the voucher number, the name of the supplier, the quantity of goods issued, the requisition and the stock balance
• Stock requisition form: A stock requisition form is an interval document for controlling and regulating the use of stock items in the organization. The stock requisition form provide the following information:

1. Name of department or individual requesting for the goods
2. Quantity of goods required and date requested

• Description of the goods

1. Expected date of receipts of goods requested
2. Suppliers name and address
3. Name signature of storekeeper and date
4. Name signature of the receiver and date

• Delivery Note: The delivery note can also be called the gate pass is for the of the security department. The security department uses the gate pass to check the authorized quantity of goods issued by the store, description of goods and the authenticity of the person who signed in. Four copies of delivery note are usually prepared and distributed as follows

1. The original is to be kept by the person who collects the goods from the store
2. The second copy is for the store.
3. The third copy is the gate pass.
4. The last copy should be retained in the book

Test and Exercise

1. A store house can also be called the (a) ware room (b) warehouse (c) strong room (d) hall
2. All of these can be kept in the store house except (a) raw materials (b) finished goods (c) money (d) semi finished goods
3. A stock record card must contain the following except (a) voucher number (b) location of the warehouse (c) quantity of goods issued (d) name of the supplier
4. A store can be defined as (a) a place where money is kept (a) a place where directors hold meeting (d) a place where goods are kept for a future use
5. The delivery note or the gate pass is usually for the use of (a) financial department (b) marketing department (c) security department (d) production department

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