What is Perpetual Store / Inventory Verification / System?

The Perpetual Store/Inventory Verification System.

Perpetual store verification is other wise known as perpetual inventory system. It is the system of records maintained by the controlling department which reflects the physical movement of stocks and their current balance.

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Bin Card and store ledger constitute bedrock of perpetual inventory system. It is a method of recording store after every receipt and every issue and their current balances to avoid closing down the firm for stock taking. To ensure accuracy the physical verification may be made which must have to agree with the balances of bin card and store ledger. If there is any discrepancy between two, it may be adjusted by preparing debit note or credit note.

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