Imprest Stores in Railway Operations
82 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Who is responsible for determining the monetary limits for each imprest holder?

  • Divisional Officer
  • Imprest Holder
  • Accounts Officer
  • General Manager (correct)

What should an imprest holder do if there is a need to reduce the quantity of their imprest?

  • Request the General Manager
  • Ask for a reduction based on consumption (correct)
  • Wait for the annual revision
  • Inform the Accounts Officer

How can the imprest of one holder be adjusted in relation to another holder's imprest?

  • Through a formal proposal by the Accounts Officer
  • By unanimous agreement of all imprest holders
  • By the General Manager's decision
  • Under the orders of the Divisional Officer (correct)

What must be documented when a temporary increase in imprest stock is authorized?

<p>Authority showing increase amount and reason (D)</p> Signup and view all the answers

What action should be taken with excess stores allocated to an imprest holder?

<p>Return them to Stores Depots promptly (A)</p> Signup and view all the answers

Which of the following is NOT a responsibility of an imprest holder?

<p>Establishing monetary limits (C)</p> Signup and view all the answers

What should the numerical ledger maintained by each imprest holder include?

<p>Receipts, issues, and balances of imprest material (D)</p> Signup and view all the answers

What should be recorded as the last entry on the imprest item card?

<p>The balance by actual count (D)</p> Signup and view all the answers

What action should be taken in case of discrepancies in stock?

<p>Adjust them in the ledger with a plus or minus entry (D)</p> Signup and view all the answers

What document is required for material issues from the imprest store?

<p>An Issue Ticket signed by an authorized person (D)</p> Signup and view all the answers

How should issue tickets be organized at the end of each day?

<p>By classes, price list numbers, and heads of allocation (C)</p> Signup and view all the answers

What information must be included in the issue ticket prepared for material issuance?

<p>Head of account to which the cost is debitable (C)</p> Signup and view all the answers

What should be done with the explanation of discrepancies?

<p>Furnish it in a letter to the departmental head (A)</p> Signup and view all the answers

What is required in the daily abstract of issues prepared at the end of each day?

<p>Total quantity of each item issued for the day (A)</p> Signup and view all the answers

Who is responsible for signing the Issue Tickets?

<p>A person duly authorized to approve the drawing of material (B)</p> Signup and view all the answers

If the stock is low, how often should counts be made for heavy balances?

<p>Whenever convenient (B)</p> Signup and view all the answers

What should the imprest holder do with the quantity shown under column 6?

<p>Match the quantity issued to work (C)</p> Signup and view all the answers

How many copies of the issue and recoupment schedule should be prepared?

<p>Four copies (A)</p> Signup and view all the answers

Who is responsible for carrying out a percentage check on the recoupment?

<p>The Stores Department (B)</p> Signup and view all the answers

What action should the Accounts Officer take if there is 'less-recouped' for any item?

<p>Work off against the last head of account listed (C)</p> Signup and view all the answers

How should items relating to different classes of stores be prepared?

<p>On separate sheets (C)</p> Signup and view all the answers

What is the primary purpose of recoupment for the imprest holder?

<p>To maintain a fixed imprest balance (A)</p> Signup and view all the answers

What should be done if certain receipts have been received during the recoupment period?

<p>Adjust the quantity shown under column 6 (B)</p> Signup and view all the answers

Which column should the imprest holder allocate their quantity by heads of account?

<p>Column 13 (C)</p> Signup and view all the answers

What may be detected by the Stores Department during the percentage check?

<p>Irregularities in the recoupment process (C)</p> Signup and view all the answers

What is the role of the Accounts Officer regarding values debitable to each head of account?

<p>To split the values accordingly based on quantities (A)</p> Signup and view all the answers

What is the main purpose of maintaining the Accounts Register of Capital Imprests?

<p>To show the total value of each imprest over time. (C)</p> Signup and view all the answers

How should transfers of stores between imprest holders be accounted for in the register?

<p>As Inter Depot Transfers in red ink. (D)</p> Signup and view all the answers

What should the imprest holders prepare daily according to the procedure outlined?

<p>Priced Daily Abstract of Issues. (C)</p> Signup and view all the answers

What is the form used for posting the monthly summaries of issues according to the outlined procedures?

<p>Form S. J863-A. (B)</p> Signup and view all the answers

What should accompany each Daily Abstract when preparing the monthly summaries?

<p>Separate summaries by quantities and detailed heads of accounts. (B)</p> Signup and view all the answers

What is the primary responsibility of the controlling officer regarding ordinary requisitions for non-Imprest items?

<p>To confirm that requested articles are genuinely required. (C)</p> Signup and view all the answers

Under what circumstances can ordinary requisitions be used for items listed in the imprest schedule?

<p>When they are needed for specific works. (A)</p> Signup and view all the answers

What should happen if imprest items are found to be not required after they have been requisitioned?

<p>The procedure outlined in paragraph 1815 must be followed. (D)</p> Signup and view all the answers

When is the annual revaluation of imprests conducted, according to the stipulated process?

<p>On March 31st each year. (D)</p> Signup and view all the answers

How should the Stores Accounts Officer inform departmental heads of the revised money value of imprests?

<p>Simultaneously with the valuation process. (B)</p> Signup and view all the answers

What exception is noted regarding ordinary requisitions for stores listed in the imprest schedule?

<p>They are not to be submitted and processed. (C)</p> Signup and view all the answers

For which of the following is the cost of requisitioned articles charged?

<p>To the final heads of the revenue account. (A)</p> Signup and view all the answers

What must be included in the annual statement of stores transactions concerning imprests?

<p>An annexure explaining variations in value. (D)</p> Signup and view all the answers

What is the main focus of paragraph 1853 regarding increases in the value of imprests?

<p>To document reasons for the value increase. (C)</p> Signup and view all the answers

Which document should be used for obtaining stores other than those specified in the imprest schedules?

<p>Form S. 1313 (D)</p> Signup and view all the answers

What should the Depot Officer do with the Recoupment Schedule after issuing the stores requisitioned?

<p>Enter the quantity issued on all copies and send them accordingly. (D)</p> Signup and view all the answers

What is the role of the Divisional Officer in relation to the imprest holders?

<p>To supervise the compliance with the fixed monetary limits and recommend adjustments (C)</p> Signup and view all the answers

How should the total value of stores issued be processed in the Accounts Office?

<p>Calculate based on current rates, check against allocation slip, and enter in the Registers of Imprests. (B)</p> Signup and view all the answers

What must be included in the numerical ledger maintained by each imprest holder?

<p>All receipts, issues, balances, and relevant allocations (B)</p> Signup and view all the answers

What is the fate of materials issued from main stocks according to the outlined procedures?

<p>They become part of the Capital Suspense Account and are designated for special use. (D)</p> Signup and view all the answers

In case of excessive imprest stocks, how should the excess be managed?

<p>Returned to Stores Depots promptly, credited to Revenue (B)</p> Signup and view all the answers

What should be included in the debit summaries prepared in quadruplicate?

<p>Monthly totals for each division, district, or department. (C)</p> Signup and view all the answers

What procedure should be followed for the Recoupment Schedule after issuing it to the Indentor?

<p>Only one copy should be retained by the Indentor for record-keeping. (C)</p> Signup and view all the answers

What documentation is necessary when a temporary increase in imprest stock is authorized?

<p>A copy of the authority, amount increased, reason, and probable duration (D)</p> Signup and view all the answers

How should adjustments between imprest holders be managed according to changes in transportation arrangements?

<p>Sanctioned imprests of other holders must be increased or decreased correspondingly (D)</p> Signup and view all the answers

What happens if certain receipts are found not required during the recoupment period?

<p>They must be reported as discrepancies to the Accounts Officer (A)</p> Signup and view all the answers

When is the formal annual approval of monetary limits for imprest holders conducted?

<p>Once every year as revised from time to time (B)</p> Signup and view all the answers

Which column in the recoupment schedule indicates the latest rate at which recoupment was made?

<p>Column 5 (C)</p> Signup and view all the answers

What is indicated by column 6 in the recoupment schedule?

<p>Fixed imprest value (A)</p> Signup and view all the answers

What should be entered in column 11 of the imprest recoupment schedule?

<p>Required quantity (C)</p> Signup and view all the answers

In which form must the recoupment be made for each imprest holder?

<p>Imprest Recoupment Schedule (B)</p> Signup and view all the answers

Which of the following is NOT part of the columns to be posted by the imprest holder?

<p>Column 10 (D)</p> Signup and view all the answers

What does column 13(a) in the imprest recoupment schedule represent?

<p>Quantity of items supplied by stores (B)</p> Signup and view all the answers

What should follow the receipt entries in the issue and recoupment schedule?

<p>Closing balance calculations (A)</p> Signup and view all the answers

Which aspect is primarily addressed by the issue and recoupment schedule during a specified period?

<p>Monthly allocation adjustments (D)</p> Signup and view all the answers

When entries are made in the recoupment schedule, which type of discrepancies should be recorded?

<p>Counting errors of stock (B)</p> Signup and view all the answers

What must be prepared for each imprest holder in relation to the issue and recoupment schedule?

<p>Monthly summary reports (C)</p> Signup and view all the answers

What should be included on the recoupment schedule for the previous month?

<p>Quantity that was not recouped in the previous month (A)</p> Signup and view all the answers

Who is authorized to sign indents for recoupment?

<p>Imprest holders without the need for countersignature (B)</p> Signup and view all the answers

What should happen if an old item cannot be provided in exchange for a new item demanded?

<p>An explanation detailing the shortages should be sent (A)</p> Signup and view all the answers

What is the first step taken by the Depot Officer upon receiving the recoupment schedules?

<p>Checking for submissions of old items in exchange for new ones (C)</p> Signup and view all the answers

Which section is responsible for filling in the figures of rate, unit, and value?

<p>Accounts Department (C)</p> Signup and view all the answers

What must the Depot Officer do if there is a discrepancy between the quantities demanded and those issued?

<p>Automatically cancel the balance of the indent (D)</p> Signup and view all the answers

What should be done with the observations noted during the percentage check by the Stores Department?

<p>Forward them to the Depot Officer for rectification (A)</p> Signup and view all the answers

What is a necessary action that must be taken when preparing the recoupment schedule?

<p>Quote the reference of the Advice Note for returned items (C)</p> Signup and view all the answers

What should be done with the recoupment schedules after they are verified?

<p>Sent to the Divisional Officer for any necessary action (D)</p> Signup and view all the answers

How frequently should the scales of Imprests be examined to potentially reduce their amount?

<p>At least every six months (B)</p> Signup and view all the answers

What is the procedure once materials are dispatched to an imprest holder?

<p>Materials are treated as issued upon delivery to the Traffic staff (C)</p> Signup and view all the answers

What must accompany the material when issued to the imprest holder?

<p>Two completed copies of the issue and recoupment schedule (B)</p> Signup and view all the answers

What should occur after the Stores Accounts Office posts the relevant priced ledgers?

<p>A copy is sent to the Divisional or District Officer concerned (B)</p> Signup and view all the answers

Under what circumstance may a special recoupment demand be necessary?

<p>When the whole imprest stock of any item is exhausted (C)</p> Signup and view all the answers

What is the priority of the Accounts Officer regarding the values debitable to each head of account?

<p>To ensure values are inserted on every schedule (B)</p> Signup and view all the answers

What should be done with the remaining copies of the issue and recoupment schedule after posting the numerical ledgers?

<p>Two copies must be sent to the Stores Office (D)</p> Signup and view all the answers

What is the main focus when recoupment of imprest is to be made?

<p>To ensure recoupments are made at monthly intervals (C)</p> Signup and view all the answers

What information is required from the imprest holder during a special recoupment process?

<p>Acknowledgment of receipt of materials supplied (D)</p> Signup and view all the answers

What is the function of the numerical ledgers maintained by the depot?

<p>To assist in the preparation of the Daily Summary of Issues (C)</p> Signup and view all the answers

Flashcards

Imprest Store Limits

Fixed monetary value for imprest stores held by each individual, determined by Accounts Officer, Stores.

Imprest Holder Responsibility

Requesting reduction/deletion of imprest items based on consumption.

Divisional Officer's Role

Ensures imprest revisions for optimal quantity and value, aligns with work requirements.

Imprest Adjustments

Imprests can be changed for a division based on changes in work assignments or transportation.

Signup and view all the flashcards

Special Demand Increase

Temporary increase in imprest for specific work which exceeds a 2-month completion time.

Signup and view all the flashcards

Excess Stores Management

Unused stores can recoup other division's imprests or returned to Stores Depots to credit revenue.

Signup and view all the flashcards

Numerical Ledger Maintenance

Imprest holders must keep a record of all imprest material transactions (receipts, issues, balances).

Signup and view all the flashcards

Imprest Balance Recording

When an imprest sheet is completed, the imprest holder counts the remaining stock and records the actual balance as the last entry on the card, e.g., "balance by actual count 42".

Signup and view all the flashcards

Frequent Balance Counting

For items with large quantities, the imprest holder can count the stock when it's conveniently low.

Signup and view all the flashcards

Imprest Discrepancies

Any differences between the recorded balance and the actual count are adjusted in the ledger and noted in the Issue and Recoupment Schedule (S. 1830).

Signup and view all the flashcards

Discrepancy Reporting

An explanation of the discrepancy is written to the departmental head, who forwards it to the Accounts Officer with their comments.

Signup and view all the flashcards

Issue Ticket

All issues of imprest materials are made using Issue Tickets, signed by an authorized person.

Signup and view all the flashcards

Issue Ticket Information

Issue Tickets include the material's description, allocation, and the engine/carriage/wagon number, signed by the receiving chargemen.

Signup and view all the flashcards

Separate Issue Tickets

Each item of stores requires a separate Issue Ticket, showing the head of account the cost is debited to.

Signup and view all the flashcards

Price List Number

The Imprest Ledger Clerk ensures the correct part or price list number is entered on the Issue Ticket.

Signup and view all the flashcards

Daily Issue Abstract

At the end of the day, Issue Tickets are arranged by class, price list, and allocation. A daily abstract is prepared showing the total quantity of each item issued.

Signup and view all the flashcards

Issue and Recoupment Schedule

A document used by imprest holders to track the issuance and return of stores.

Signup and view all the flashcards

Stores Depot

The central location where stores are kept and distributed.

Signup and view all the flashcards

Imprest Holder

The individual responsible for managing a specific amount of stores.

Signup and view all the flashcards

Recoupment Period

The time frame during which stores are returned to the depot.

Signup and view all the flashcards

Classes of Stores

Categorization of stores based on their type or function.

Signup and view all the flashcards

Fixed Imprest

The predetermined amount of stores assigned to an imprest holder.

Signup and view all the flashcards

Percentage Check

Regular verification of imprest usage by the Stores Department.

Signup and view all the flashcards

Heads of Account

Different categories of expenses to which stores are allocated.

Signup and view all the flashcards

Allocation

Distributing the cost of stores to specific heads of account.

Signup and view all the flashcards

Less-Recouped Item

A store item that has not been returned in full to the depot.

Signup and view all the flashcards

Ordinary Requisitions

Requests for stores that are not included in the imprest schedule.

Signup and view all the flashcards

Imprest Schedule

A list of pre-approved stores that can be obtained without formal requisitioning.

Signup and view all the flashcards

Controlling Officer's Role

Responsible for ensuring that requested items are truly needed and not available within the imprest.

Signup and view all the flashcards

Specific Work Requisition

For imprest items needed for a specific project, obtained using an ordinary requisition.

Signup and view all the flashcards

Quantity Accounts (Numerical Ledgers)

Records kept by imprest holders to track their imprest stores.

Signup and view all the flashcards

Annual Imprest Revaluation

The process of reviewing and updating the value of imprest stores annually.

Signup and view all the flashcards

Imprest Increase Justification

Providing reasons for any increase in the imprest value to the General Manager.

Signup and view all the flashcards

Stores Accounts Officer's Role

Responsible for valuing the imprests and communicating the revised values to departmental heads.

Signup and view all the flashcards

Imprest Sanction

Formal approval required from the General Manager for any increase in the imprest value.

Signup and view all the flashcards

Procedure for Unused Stores

A defined process for handling unused stores, which may involve redistributing or returning them.

Signup and view all the flashcards

Imprest Register

A manual record kept by the Stores Accounts Officer that tracks the total value of each imprest, including changes due to additions or reductions.

Signup and view all the flashcards

Inter-Depot Transfers

Movement of stores between imprest holders within the same division or district.

Signup and view all the flashcards

Priced Daily Abstract

A daily summary prepared by imprest holders that lists the quantities and values of stores issued, grouped by allocation heads.

Signup and view all the flashcards

Monthly Quantity Summary

A summary compiled from daily abstracts, grouping store items by class, price list, and date, showing total quantities issued.

Signup and view all the flashcards

Monthly Detailed Summary

A summary compiled from daily abstracts, grouping store items by account heads and date, showing total values issued.

Signup and view all the flashcards

Imprest Limit

The maximum value of stores an imprest holder can keep. It is determined by the Accounts Officer, Stores and officially approved by the General Manager.

Signup and view all the flashcards

Imprest Revision

The process of adjusting the imprest limit based on actual usage and work requirements. The Divisional Officer oversees this.

Signup and view all the flashcards

Numerical Ledger

A record kept by imprest holders to track all receipts, issues, and balances of imprest materials.

Signup and view all the flashcards

What is the purpose of the 'less recouped' quantity?

The imprest holder must indicate the amount of stores not returned from the previous month against the relevant allocation head in the recoupment schedule. This helps track store usage and identify any discrepancies.

Signup and view all the flashcards

Who fills in the 'Less Recouped' column?

The imprest holder is responsible for filling in the 'less recouped' column on the recoupment schedule, reflecting the quantity of stores not returned from the previous month's imprest.

Signup and view all the flashcards

Who enters the figures of rate, unit, and value on the recoupment schedule?

The Accounts Department fills in the figures of rate, unit, and value for each item in the recoupment schedule, ensuring accurate cost accounting.

Signup and view all the flashcards

What happens when an imprest holder fails to return an old item?

The imprest holder must provide an explanation for not returning an old item in exchange for a new one. The Depot Officer will then send the statement to the Divisional Officer for review and potential action.

Signup and view all the flashcards

What happens to the old item when a new one is requested?

Ideally, old items of repairable stores should be returned when requesting a new item. A list of items requiring exchange is provided by the Railway Administration.

Signup and view all the flashcards

What is the Depot Officer's role in recoupment?

The Depot Officer checks the recoupment schedule for explanations regarding missing old items. They then forward the schedule to the Divisional Officer for any required actions.

Signup and view all the flashcards

What is an indent?

An indent is a request for recoupment of stores. Imprest holders can sign indents directly, and countersignature from a higher officer is not required.

Signup and view all the flashcards

What happens if the quantity of stores received is different from the requested quantity?

If the Depot issues a different quantity of stores than what was requested, the remaining balance of the indent is automatically cancelled. The imprest holder receives only what is actually issued.

Signup and view all the flashcards

What are the consequences of not returning an old item?

If an old item is lost or cannot be returned, the imprest holder must provide a detailed written explanation to the Depot Officer. This ensures accountability and helps identify any potential issues.

Signup and view all the flashcards

Imprest Recoupment

The process of returning unused imprest stores to the central depot.

Signup and view all the flashcards

Imprest Schedule Review

Regular examinations of the imprest scales to identify opportunities for reduction.

Signup and view all the flashcards

Imprest Store Despatch

The process of sending imprest stores from the depot to the imprest holder.

Signup and view all the flashcards

Recoupment Schedule

A document used to track the issuance and return of imprest stores.

Signup and view all the flashcards

Special Recoupment

A special demand for recouping imprest stores when the entire stock of an item is exhausted.

Signup and view all the flashcards

Imprest Ledgers

Records kept by imprest holders to track receipts, issues, and balances.

Signup and view all the flashcards

Recoupment Schedule (S. 1864)

A document used to track the issuance and return of stores from imprest reserves to the Stores Depot. It is prepared in quadruplicate and includes details of the stores issued, their quantity, and the allocation head.

Signup and view all the flashcards

Monthly Allocation Summary (S. 1863-B)

A summary of the total amount allocated during the month for each detailed head of account, showing the funds made available for the specific purpose.

Signup and view all the flashcards

Imprest Reserves

A specific amount of stores set aside for repair or operational work at particular locations, taken from the general stock. The stores issued from this reserve are treated as a transfer, not a loss.

Signup and view all the flashcards

Stores Accounts Officer's Role in Recoupment

The Stores Accounts Officer receives one copy of the Recoupment Schedule, verifies the value of stores issued, posts the details in the priced ledgers and checks for compliance.

Signup and view all the flashcards

Depot Officer's Role in Recoupment

The Depot Officer issues stores requisitioned for in the Recoupment Scheme, enters the quantity of material issued, and sends two copies of the schedule to the Indentor along with the materials.

Signup and view all the flashcards

What is an Imprest Schedule?

A pre-approved list of specific stores that can be obtained without formal requisitioning, allowing for quicker access to essential materials.

Signup and view all the flashcards

What is the 'Imprest Holder' responsible for?

The individual responsible for managing and using a specific amount (fixed value) of stores assigned to them. They track the stock carefully.

Signup and view all the flashcards

What is 'Recoupment' in the context of Imprest Stores?

The process of returning unused stores to the central Stores Depot within a specific time frame, ensuring efficient stock management.

Signup and view all the flashcards

What is the purpose of a 'Monthly Allocation Summary'?

A document summarizing the total value of stores issued and consumed during a month, categorized by different expense accounts.

Signup and view all the flashcards

What is an 'Issue and Recoupment Schedule'?

A formal document used by Imprest Holders to track the receipt, issuance, and return of stores, with columns for various details like quantity, value, and date.

Signup and view all the flashcards

What is the role of 'Classes of Stores' in imprest management?

Categorization of stores based on their type or function, helping to organize and manage different types of materials more effectively.

Signup and view all the flashcards

Why is a numerical ledger important for imprest holders?

A detailed record that helps track all receipts, issues, and balances of imprest materials, ensuring accurate accountability for stores.

Signup and view all the flashcards

What's the purpose of a 'Fixed Imprest'?

A predetermined amount of stores assigned to an individual, helping to manage and allocate stores more effectively.

Signup and view all the flashcards

How do you handle less-recouped items?

Unused store items not returned to the depot within the specified timeframe, requiring justification and accounting adjustments.

Signup and view all the flashcards

Why are ordinary requisitions used?

Requests for stores not included in the pre-approved imprest schedule, requiring formal approval and a more detailed justification.

Signup and view all the flashcards

Study Notes

Imprest Stores (Other than Engineering)

  • Imprest stores are materials held in stock at locations like running sheds, train examining stations etc. These aren't for specific projects, but a continuing advance to cover daily demands regarding rolling stock repair, maintenance, and operation. This includes expendable supplies like cotton waste, jute, oil, grease.
  • Firewood for lighting isn't considered an imprest store.
  • The imprest system controls material expenses each month for running rolling stock repairs. This system also effectively manages financial and departmental control of materials at out-stations.
  • There are two systems for imprest accounting: "charged-off stores" (where costs are already debited to revenue expenses) and stores part of the railway's balances (where cost is capital suspense). The first system follows rules 1805-1885. The second system, where capital is used, uses rules 1805-1858, unless those rules clash with 1859-1877.
  • A railway should prefer the "charged-off" system if both are available.

Accountal of "Charged-off" Imprest Stores

  • A schedule for imprest stores is needed, listing quantities for each material. This schedule, form S. 1805, needs the following details:

  • Store group

  • Price list or part list number

  • Brief description of stores

  • Approved imprest amount

  • Rate

  • Value

  • Quantities should be revised as needed, with yearly revaluation.

  • Copies/mods of the schedule need to be given to divisional superintendents, stores departments, and accounts officers for up-to-date records.

Fixing Quantities

  • Quantities should be based on an average of two months of usage, approved by the railway's general manager or a designated lower authority.

Interchange Stations

  • If certain stations need spares for foreign-line repairs, these spares can be part of the imprest. These should not need special depots.

Monetary Limits

  • Imprest limits are set for each location, but these can be revised yearly by the General Manager. Costs are based on price list rates.

Control of Imprest

  • Divisional officers are responsible for managing imprest holders and ensuring amounts are kept at the lowest possible level, but consistent with usage.
  • Imprest holders should propose reductions in quantities when usage lowers.

Special Demands

  • If an unusual work demand requires more supplies than usual, the divisional officer can temporarily increase the imprest. This must be documented and communicated to the accounts officer and the controller of stores.

Excess Materials

  • Excess materials need to be returned to the stores department.
  • Returned stores receive credits to Working Expenses.

Issue of Material

  • All issues must use issue tickets, signed by authorized personnel.
  • Each issue requires a separate ticket, showing the account responsible for the cost of the materials.
  • Daily abstracts detail the quantities of each issued item for each day, categorized by material class/price.

Monthly Summary of Issues

  • Monthly summaries track issues of "charged-off" stores (Form S.1823).

Returned Stores

  • Serviceable materials reclaimed from repairs or scrap should become part of imprest, unless it exceeds the existing imprest limit, then the excess should be returned to the stores depot.

Scrap Material

  • Scrap materials shouldn't be added to imprest records, but instead returned to stores depots. These are handled with separate advice notes.

Requisitions

  • Requisitions for items not part of the imprest schedule should be handled through normal requisitions.
  • Non-imprest items are handled through ordinary requisitions.

Transfers

  • Transferring materials between imprest holders requires exceptional circumstances and a clear record of where items are transferred.

Closing and Recoupment

  • Imprest holders close ledgers on a specified date.
  • Recoupment schedules detail issues and receipts of materials for each material type/class for each month.
  • Reconciling imprest balances with overall accounts is necessary.

Verification and Inspection

  • Annual departmental verification of imprest stocks is necessary.
  • Stock verifiers should check for discrepancies in the records, and issues require proper explanation for reporting.
  • Officers inspect imprest holder offices regularly.

Imprests at Debit of Capital Suspense

  • The rules for imprested material at capital suspense are similar to those for "charged-off" imprests, with some differences.
  • Accounts registers for capital imprests track the total value of each imprest type (Form S.1860), updated as needed. This register is reconciled to general books.

Transfers

  • Material transfers between imprest holders should be recorded as inter-depot transfers.

Daily Abstract

  • Daily abstracts must be created for issuing items, for each item class/type.

Monthly Summaries

  • Monthly summaries help track material issues for each material type/class (Form S. 1863).

Monthly Allowance Summary

  • Monthly allowance summaries account for materials used, sorted by materials type/class (Form S.1863).

Issues and Recoupment

  • Issue and recoupment schedules show the specifics of a material, with values, rates, quantities for the period (Form S. 1864), which are checked for discrepancies.

Annual Revaluation

  • Imprest values are re-evaluated annually at latest prices, and the changes are documented with reasons.

Engineering Imprest & Surplus Stores

  • Different rules govern engineering imprest and surplus stores as outlined in Chapter XVII of the relevant code.
  • These stores are linked to capital suspense expenses.
  • Accounting for these items follows procedures specific to the engineering department.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Indian Railways Imprest Stores Chapter XVIII PDF

Description

This quiz explores the concept of imprest stores used in railway operations, including their purpose and management systems. It covers the types of materials involved and the accounting rules associated with their use. Test your knowledge on how these stores contribute to the repair and maintenance of rolling stock.

More Like This

Petty Cash System Overview
97 questions

Petty Cash System Overview

WellEstablishedWisdom avatar
WellEstablishedWisdom
Petty Cash Fund Accounting Quiz
18 questions

Petty Cash Fund Accounting Quiz

AchievableHamster1623 avatar
AchievableHamster1623
Cash Imprest and Contingent Expenses Overview
81 questions

Cash Imprest and Contingent Expenses Overview

ScenicHummingbird6529 avatar
ScenicHummingbird6529
Miscellaneous Expenditure Overview
81 questions

Miscellaneous Expenditure Overview

ImaginativePeachTree avatar
ImaginativePeachTree
Use Quizgecko on...
Browser
Open
Browser
Browser