Page 82 - DCOM202_COST_ACCOUNTING_I
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Cost Accounting – I




                    Notes              The format of the purchase requisition is shown below:

                                                                  Kartik Company Limited
                                        No.: …………       purchase Requisition                Date: …………
                                        S. No.    Material Code No.  Description of Articles  Quantity Required  Remarks











                                        Requested by : …………….    Checked by : …………………. Approved by: ……….
                                        For Use by purchase Department
                                           Date     purchase Order   Name of Suppliers  Delivery Date of   Remarks (If any)
                                                      Number                          Materials










                                         Signature of Purchase Manager/Officer

                                       The store-keeper must be very careful while preparing the purchase requisition. Because,
                                       any lapse on the part of the store-keeper may put the company into a very sizable loss.
                                   (ii)   Selection of Suppliers (Choosing the suppliers): Once the purchase department receives the
                                       purchase requisition, it has to take necessary steps to purchase the required materials. The
                                       first step in this regard is to decide about the supplier(s) to whom purchase order may be
                                       sent. For selection purpose, it has to examine its records about the previous performances
                                       of  suppliers  who  had  supplied  materials  to  the  company  and  also  the  suppliers  who
                                       have been supplying the materials to the company. Further, it has to update the list of
                                       suppliers by collecting the information about the new suppliers. After that, the purchase
                                       department has to decide about whether the quotations are to be invited only from one
                                       source of supply, or from a very few selected sources of supply, or from all sources of
                                       supply through advertisement. On the receipt of tenders in sealed envelopes which will be
                                       opened and a comparative statement of all the quotations will be prepared. This statement
                                       is called comparative statement of quotations.

                                       The specimen forms of comparative statement of quotations is mentioned below:
                                                                  Kartik Company Limited
                                                              Comparative Statement of Quotation
                                        Material   : ……………….                                    Date : ……………….
                                        Tender No. : ……………….
                                        Serial   Name of the   Quantity  Rate or   Date of   Terms of   Other   Remarks
                                        No.    Suppliers           price    Delivery  Delivery  Terms  (If any)











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