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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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