Railway Stores Transactions Overview
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Questions and Answers

What should be done when the anticipations of movable surplus stores do not materialize?

  • They should be transferred to Dead Surplus. (correct)
  • They should be destroyed immediately.
  • They should be stored for future use.
  • They should be classified as active stock.

Before classifying any stores as dead surplus, what should be determined?

  • The historical demand of the material.
  • The current market value of the material.
  • If the material is likely in demand by other Railways. (correct)
  • The original purchase price of the material.

What must be done if the value of dead surplus stock needs adjustment?

  • It should be written down to scrap values. (correct)
  • It must be fully reported to the financial office.
  • It needs to be auctioned.
  • It should be upgraded to market value.

What is the result of a survey conducted by the Survey Committee?

<p>Determination of scrap values. (C)</p> Signup and view all the answers

In the context of balances on money limits, who oversees the balances at the end of March?

<p>The General Manager. (C)</p> Signup and view all the answers

Which of the following categories includes Electricians?

<p>Imprest Holders. (B)</p> Signup and view all the answers

What happens to the material classified as dead surplus?

<p>It is potentially written down to scrap values. (B)</p> Signup and view all the answers

Which document states the balance of 'charged off' imprests?

<p>Annexure 'B'. (B)</p> Signup and view all the answers

What is the total approach to recording works related to materials at a site?

<p>They are categorized into completed and incomplete works. (B)</p> Signup and view all the answers

What is implied about the management of imprests by the General Manager?

<p>They verify the smooth operation of financial limits. (B)</p> Signup and view all the answers

What are emergency stores primarily maintained for?

<p>To meet unanticipated demand due to breakage or deterioration (A)</p> Signup and view all the answers

How is surplus store classified according to the statement?

<p>As live and dead surplus (D)</p> Signup and view all the answers

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

<p>The money value of stores in hand in thousands of rupees (C)</p> Signup and view all the answers

What is dead surplus defined as?

<p>Items not issued for the past 24 months considered unlikely to be used (D)</p> Signup and view all the answers

What is the first question addressed regarding the balance shown in the statement?

<p>Does the balance agree with the General Books of the Railway? (C)</p> Signup and view all the answers

What must happen to quantities in the priced ledgers throughout the year?

<p>They should be proved or corrected by stock taking (D)</p> Signup and view all the answers

What is indicated by the requirement for regular pricing revisions at which stores issued are priced?

<p>Stores must reflect fluctuations in market rates (B)</p> Signup and view all the answers

What kind of stores are categorized as specially obtained for important works?

<p>Stores for special works (D)</p> Signup and view all the answers

What is a characteristic of movable or live surplus stores?

<p>They are expected to be utilized in the near future (A)</p> Signup and view all the answers

What types of stores need to be distinguished according to value in the statement?

<p>Ordinary stores and others such as emergency and special work stores (D)</p> Signup and view all the answers

What is the deadline for submitting the annual statement of stores transactions to the Railway Board?

<p>1st November (D)</p> Signup and view all the answers

What should the statement of the actual balances of stores include?

<p>Balances, receipts, and issues (C)</p> Signup and view all the answers

In the statement of stores transactions, what does 'Balance on 31st March' represent?

<p>The total closing balance of stores (B)</p> Signup and view all the answers

Which form should be used for preparing the annual statement of stores transactions?

<p>Form S. 3001 (C)</p> Signup and view all the answers

What does 'movable surplus' refer to in the statement of stores transactions?

<p>Surplus that can be easily sold or utilized (C)</p> Signup and view all the answers

What does the term 'dead surplus' indicate in the context of stores transactions?

<p>Stock that is outdated or unusable (B)</p> Signup and view all the answers

Which of the following accounts is included for adjustment in the stores transactions?

<p>Stock Adjustment Account (B)</p> Signup and view all the answers

What is indicated by the 'variations from previous balance' in the statement of stores transactions?

<p>Difference in opening and closing balances (D)</p> Signup and view all the answers

What type of stores does the statement categorize into surplus stores?

<p>Stores produced in excess of demand (C)</p> Signup and view all the answers

Which of the following relates directly to how stores are acquired during the year?

<p>Receipts during the year (A)</p> Signup and view all the answers

What is the purpose of comparing actual balances of 'Ordinary Stores' with 50 per cent of issues?

<p>To assess efforts to reduce and limit actual balances. (A)</p> Signup and view all the answers

What should the receipts under 'Ordinary Stores' record separately?

<p>Materials purchased and materials returned from works. (D)</p> Signup and view all the answers

What categories should a review of the balances of the materials-at-site account include?

<p>Completed works, works in progress, and works not yet started. (A)</p> Signup and view all the answers

What is required along with the statement of balances of Charged-off imprests?

<p>A certificate from the Chief Accounts Officer. (D)</p> Signup and view all the answers

In preparation for the Annual Statement (S. 3001), what does the Chief Accounts Officer need to complete?

<p>Answers to a questionnaire included as an annexure. (C)</p> Signup and view all the answers

What is indicated by the 'balance of materials-at-site account' for the year?

<p>The availability of materials across different project stages. (B)</p> Signup and view all the answers

What should the certificate of balances from the Chief Accounts Officer validate?

<p>The accuracy of financial entries related to inventory. (C)</p> Signup and view all the answers

Why is it essential to track the proportion of materials returned from works?

<p>To evaluate the efficiency of material usage and purchasing. (C)</p> Signup and view all the answers

Which of the following is NOT a sub-head under the material balances of the materials-at-site account?

<p>Damaged materials. (A)</p> Signup and view all the answers

What should be submitted as Annexure C to Form S. 3001?

<p>A statement of balances of Charged-off imprests. (B)</p> Signup and view all the answers

What is the purpose of Form S. 3001 in the context of stores transactions?

<p>To report the actual balances of stores at the year's end (B)</p> Signup and view all the answers

By when should the annual statement of stores transactions be submitted to the Railway Board?

<p>By the 1st November of the year following the financial year (B)</p> Signup and view all the answers

What does 'Balance on 31st March' represent in the stores transaction statement?

<p>The closing stock value of stores on the last day of the financial year (B)</p> Signup and view all the answers

Which statement best describes movable surplus in the context of stores transactions?

<p>Inventory that can be easily transferred and utilized (A)</p> Signup and view all the answers

What specific adjustments are included in the annual statement of stores transactions?

<p>Adjustments for stocks under transit and materials returned (C)</p> Signup and view all the answers

What typically should be contained within the 'Actual Balances of Stores' statement?

<p>A comprehensive record detailing store balances at the end of the year (D)</p> Signup and view all the answers

What should be included in the analysis of balances of the material-at-site account?

<p>Works in progress and works not yet started (B)</p> Signup and view all the answers

Which of the following statements refers to the classification of surplus stores?

<p>Surplus stores include both movable and dead surplus categories (D)</p> Signup and view all the answers

Which receipt categories are mandatory under 'Ordinary Stores'?

<p>Receipts by purchases and receipts of materials returned from works (B)</p> Signup and view all the answers

Which account is included for adjustment in the stores transactions?

<p>Stock Adjustment Account (D)</p> Signup and view all the answers

What does the certificate of balances from the Chief Accounts Officer need to validate?

<p>The accuracy of the financial records related to stores (B)</p> Signup and view all the answers

Which statement most accurately reflects the purpose of comparing actual balances of 'Ordinary Stores'?

<p>To assess efforts to manage excess inventory (A)</p> Signup and view all the answers

In the context of Charged-off Imprests, what should the statement analyze?

<p>The distribution of imprest holders across divisions (B)</p> Signup and view all the answers

What is the final requirement for the balances of Charged-off imprests submitted to Form S. 3001?

<p>A breakdown of charges and credits for the division (B)</p> Signup and view all the answers

What primarily leads to the accumulation of surplus and unserviceable stores on railways?

<p>High levels of returned materials from works (D)</p> Signup and view all the answers

Which of the following is NOT a category listed for analysis in the material-at-site account review?

<p>Works completed last year (D)</p> Signup and view all the answers

What does '50 per cent of issues' primarily assess?

<p>The efficacy of the stores management protocol (D)</p> Signup and view all the answers

What should be ensured before classifying stores as dead surplus?

<p>That the material is not likely to be in demand by other Railways (B)</p> Signup and view all the answers

What is the implication of writing down the value of dead surplus stock?

<p>It reflects depreciation due to aging or obsolescence (C)</p> Signup and view all the answers

Which of the following balances is NOT included under the charged-off imprests on 31st March?

<p>Station Masters (C)</p> Signup and view all the answers

What category do stores that are specially obtained for important works fall under?

<p>Specially acquired stores (D)</p> Signup and view all the answers

What is indicated when anticipations of movable surplus stores do not materialise?

<p>Items are transferred to dead surplus (D)</p> Signup and view all the answers

In the context of the annual statement, what must the Chief Accounts Officer complete?

<p>A certificate of balances (B)</p> Signup and view all the answers

What does the term 'balance on 31st March' signify in an annual statement of stores transactions?

<p>The net inventory at year-end (B)</p> Signup and view all the answers

How often should the pricing revisions occur according to the statement of stores transactions?

<p>Regularly as needed (C)</p> Signup and view all the answers

What action should be taken regarding materials returned from works?

<p>They need to be recorded for tracking (A)</p> Signup and view all the answers

What is included in the category of emergency stores?

<p>Items essential for unexpected demand due to breakage. (A)</p> Signup and view all the answers

How are movable surplus items defined in the statement?

<p>Items expected to be utilized in the near future. (A)</p> Signup and view all the answers

What does 'dead surplus' specifically refer to?

<p>Items not issued for the past 24 months and unlikely to be used. (B)</p> Signup and view all the answers

What distinguishes ordinary stores from other categories in the statement?

<p>Ordinary stores do not include specially obtained items. (C)</p> Signup and view all the answers

What should be regularly revised according to market rates?

<p>The prices at which stores are issued. (D)</p> Signup and view all the answers

What is the consequence of not accounting for depreciation and obsolete patterns?

<p>Impaired value recognition of stores. (D)</p> Signup and view all the answers

What does the annual statement of stores transactions aim to show?

<p>Money value of stores in hand under each major group. (A)</p> Signup and view all the answers

Which of the following best describes surplus stores?

<p>Unutilized items that may still be of value. (B)</p> Signup and view all the answers

What is the significance of conducting a stock taking of priced ledgers?

<p>To ensure quantities match book entries and make corrections. (D)</p> Signup and view all the answers

Which of the following represents a category of special stores?

<p>Stores particularly acquired for important works. (A)</p> Signup and view all the answers

Flashcards

Annual Statement of Stores Transactions

A report detailing the balances of stores on hand at the end of a financial year.

Form S. 3001

The specific form used for the Annual Statement of Stores Transactions.

31st March

The end date of the financial year for the statement.

Ordinary Stores

Regular store items.

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Surplus Stores

Extra store items.

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Receipts during year

New items received during the financial year.

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Balance on 31st March 19...

Remaining store items on the last day of the financial year.

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Emergency Stores

Store items for urgent situations.

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Total All Stores

Combined total of all store types (ordinary, surplus, etc).

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Issues during the year

Items taken out of the stores during the financial year.

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Engineering Plant Reserve

A category of stores, likely for railway infrastructure maintenance and construction, distinct from general stores, perhaps handled separately.

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Special/Purpose Stores

Materials purchased for particular projects or additions/renewals on the railway.

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Movable Surplus

Surplus, unused railway items expected to be used sometime in next 24 months.

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Dead Surplus

Surplus equipment unlikely to be used on any railway within the next 2 years.

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Stock-taking

A process evaluating the physical presence of railway inventory against listed amounts in records, used to correct data discrepancies.

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Depreciation

Reduction of value due to age, wear, and tear (loss in value from something being used).

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Review of Material-at-Site Accounts

A review of the balance of material-at-site accounts for a specific period, usually a year.

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Works in Progress

Construction projects that are underway but not yet completed.

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Charged Off Imprests

Imprest accounts that have been marked as unusable or no longer needed.

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Survey Committee

A committee responsible for evaluating and assessing the value of surplus stock(materials).

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Dead Surplus Stock

Unneeded surplus stores which are identified as no longer wanted and can no longer be usefull.

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Imprest Holders

Individuals or groups responsible for managing imprest funds, mostly for materials.

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Running Sheds

Locations where railway locomotives and other rolling stock are kept and maintained.

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Train Examining

The process of inspecting railway trains to ensure they are in good working order.

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Electricians

Staff who work with electrical systems, often on railways.

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What's the purpose of comparing actual store balances with 50% of issues?

This comparison helps railway administrations assess their efforts in reducing and controlling the amount of stores on hand. It's about keeping the actual balance within a reasonable limit.

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Returned Stores

These are materials that are returned from worksites. This includes items that are no longer needed, are damaged or defective, or are surplus to requirements.

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What information is essential to understand how much material comes back from worksites compared to newly purchased items?

The receipts of 'Ordinary Stores' should be separated into two categories: a) receipts through purchases, and b) receipts from returned materials. This breakdown reveals the ratio between materials bought from external sources and materials returned from worksites.

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Material-at-Site Balance Review

A detailed analysis that shows the balance of materials at various stages of work projects. It helps identify the amount of resources tied up in completed, ongoing, and planned projects.

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What categories are materials at site grouped into?

Materials at site are classified under four categories: 1. Completed works, 2. Works in progress, 3. Works not yet started, and 4. Works not to be done.

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How are Charged-off Imprest Balances reported?

A statement comparing the balances of these 'Imprests' at the year's end with the total money limit set by the General Manager is submitted as an annexure to the annual statement.

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What is the role of the Chief Accounts Officer in the annual store statement?

The Chief Accounts Officer provides a certificate confirming the accuracy of the store balances. This certificate is included as an annexure to the Annual Statement and is a key part of the financial reporting process.

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Annual Stores Statement

A report prepared by each railway administration detailing the balances of stores on hand at the end of the fiscal year.

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Receipts during the Year

The total number of new store items received during the financial year.

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Balance on 31st March

The remaining amount of store items on hand at the end of the financial year, which is 31st March.

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What are 'Special Stores'?

Stores bought for particular projects, like track upgrades or new station buildings.

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What are 'Emergency Stores'?

Items kept for unexpected situations, like a broken track or a sudden shortage.

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What is the purpose of 'Stock-taking'?

Checking the actual stock against the store records to make sure they match.

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What is 'Depreciation'?

The loss in value of stores over time, due to wear or age.

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What is the role of the 'Survey Committee'?

They evaluate and assess the value of surplus stores.

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What are 'Dead Surplus Stores'?

Stores unlikely to be used on any railway within the next two years.

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What are 'Charged Off Imprests'?

Imprest accounts that are unusable or no longer needed.

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What is 'Material-at-Site Balance Review'?

A detailed analysis of materials used in projects, from completed to planned.

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What is the role of the 'Chief Accounts Officer'?

They confirm the accuracy of the store balances in the annual statement.

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What are 'Returned Stores'?

Materials sent back from work sites, often unused or defective.

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What is the purpose of reviewing material-at-site accounts?

To understand the balance of materials used for various stages of projects (completed, ongoing, and planned). This helps assess resources tied up in each stage.

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What are the four categories of material-at-site?

Materials are grouped based on their project stage: Completed works, Works in progress, Works not yet started, Works not to be done.

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Why is it important to classify stores as 'Dead Surplus'?

Stores deemed unlikely to be useful on any railway within 2 years are labeled 'Dead Surplus' to manage inventory and potentially dispose of them.

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What happens to movable surplus stores?

If the anticipated use of movable surplus stores doesn't materialize, they get transferred to 'Dead Surplus'.

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How are 'Charged Off' Imprest accounts reported?

A statement comparing the end-of-year balances with the total money limit set by the General Manager is submitted as an annexure to the annual statement.

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What are the categories of Imprest Holders?

Imprest accounts for various railway departments are categorized by roles, such as Running Sheds, Train Examining, Electricians, and Stations.

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What is the Annual Statement of Stores Transactions?

A report prepared by each railway administration outlining the balances of stores at the end of the financial year (31st March).

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What is the Chief Accounts Officer's role in the annual store statement?

They provide a certificate confirming the accuracy of the store balances. This is an important part of financial reporting accuracy.

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50% of Issues?

This compares the actual balance of stores with 50% of the amount issued during the year. This helps assess how well the railway administration controls its store inventory, aiming to keep the balance within a reasonable limit.

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Receipt from Works

This is the amount of materials received back from worksites. By comparing it to purchases, you can gauge how much material is being reused compared to new materials bought.

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Material-at-Site Balance

This tracks the balance of materials used in different stages of projects: completed works, works in progress, works not yet started, and works not to be done.

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Chief Accounts Officer's Role

This officer verifies the accuracy of the store balances and provides a certificate confirming this. This certificate is a key part of the annual report.

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Completed Works

Materials used in projects that are finished.

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Works Not Yet Started

Materials set aside for future projects that haven't begun yet.

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Works Not to be Done

Materials that are not needed for any project, even future ones.

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Study Notes

Annual Statement of Stores Transactions (Form S. 3001)

  • Prepared by each Railway administration
  • Shows the actual balances of stores on hand at the end of each financial year
  • Submitted to the Railway Board by November 1st of the following year

Statement of Stores Transaction

  • Prepared for the year ended March 31st
  • Includes ordinary stores, surplus stores, emergency stores
  • Shows receipts and issues during the year.
  • Balances on March 31st, both opening and closing, are recorded for each type of store.
  • Includes special works and balances related to them.

Additional Information

  • Stores obtained for special works (additions, renewals)
  • Emergency stores (essential, don't wear out; not readily available in India, for breakage/unanticipated deterioration)
  • Surplus stores: Movable (used within 24 months) or Dead (not used in next 2 years)
  • Comparisons with previous years' balances.
  • Review of balances, with explanations of discrepancies and corrections made to records
  • Checking of priced ledgers for accuracy and correction via stocktaking.
  • Depreciation, obsolete patterns, and market price adjustments are considered.

Material-at-Site Balances

  • Analyzed by division, further categorized as completed works, works in progress, works not started, works not to be done
  • Separate statements on charged-off impresses (balances by each imprest holder category)

General Notes

  • Anticipated movable surplus store usage not materialising leads to transfer to dead surplus
  • 50% of issues (column 3a) is compared with actual balances, to assess balance reduction efforts
  • Returned stores (column 3b) to indicate stores returned from railway operations
  • Documentation and accompanying notes necessary for the statement.
  • Prepared by the Controller of Stores with assistance from the Accounts Officer, and reviewed by the General Manager before submission to Railway Board.

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Indian Railways Stores Transactions Statement 19 PDF

Description

This quiz covers the Annual Statement of Stores Transactions (Form S. 3001) as prepared by railway administrations. It details the various types of stores, their balances, and critical submission deadlines. Additionally, the quiz includes information on special works and surplus stores for better understanding of store management in the railway sector.

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