Railway Stores Transactions Overview

Podcast

Play an AI-generated podcast conversation about this lesson

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?

Determination of scrap values. Signup and view all the answers

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

The General Manager. Signup and view all the answers

Which of the following categories includes Electricians?

Imprest Holders. Signup and view all the answers

What happens to the material classified as dead surplus?

It is potentially written down to scrap values. Signup and view all the answers

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

Annexure 'B'. Signup and view all the answers

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

They are categorized into completed and incomplete works. Signup and view all the answers

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

They verify the smooth operation of financial limits. Signup and view all the answers

What are emergency stores primarily maintained for?

To meet unanticipated demand due to breakage or deterioration Signup and view all the answers

How is surplus store classified according to the statement?

As live and dead surplus Signup and view all the answers

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

The money value of stores in hand in thousands of rupees Signup and view all the answers

What is dead surplus defined as?

Items not issued for the past 24 months considered unlikely to be used Signup and view all the answers

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

Does the balance agree with the General Books of the Railway? Signup and view all the answers

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

They should be proved or corrected by stock taking Signup and view all the answers

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

Stores must reflect fluctuations in market rates Signup and view all the answers

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

Stores for special works Signup and view all the answers

What is a characteristic of movable or live surplus stores?

They are expected to be utilized in the near future Signup and view all the answers

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

Ordinary stores and others such as emergency and special work stores Signup and view all the answers

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

1st November Signup and view all the answers

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

Balances, receipts, and issues Signup and view all the answers

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

The total closing balance of stores Signup and view all the answers

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

Form S. 3001 Signup and view all the answers

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

Surplus that can be easily sold or utilized Signup and view all the answers

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

Stock that is outdated or unusable Signup and view all the answers

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

Stock Adjustment Account Signup and view all the answers

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

Difference in opening and closing balances Signup and view all the answers

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

Stores produced in excess of demand Signup and view all the answers

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

Receipts during the year Signup and view all the answers

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

To assess efforts to reduce and limit actual balances. Signup and view all the answers

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

Materials purchased and materials returned from works. Signup and view all the answers

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

Completed works, works in progress, and works not yet started. Signup and view all the answers

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

A certificate from the Chief Accounts Officer. Signup and view all the answers

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

Answers to a questionnaire included as an annexure. Signup and view all the answers

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

The availability of materials across different project stages. Signup and view all the answers

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

The accuracy of financial entries related to inventory. Signup and view all the answers

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

To evaluate the efficiency of material usage and purchasing. 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?

Damaged materials. Signup and view all the answers

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

A statement of balances of Charged-off imprests. Signup and view all the answers

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

To report the actual balances of stores at the year's end Signup and view all the answers

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

By the 1st November of the year following the financial year Signup and view all the answers

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

The closing stock value of stores on the last day of the financial year Signup and view all the answers

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

Inventory that can be easily transferred and utilized Signup and view all the answers

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

Adjustments for stocks under transit and materials returned Signup and view all the answers

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

A comprehensive record detailing store balances at the end of the year Signup and view all the answers

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

Works in progress and works not yet started Signup and view all the answers

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

Surplus stores include both movable and dead surplus categories Signup and view all the answers

Which receipt categories are mandatory under 'Ordinary Stores'?

Receipts by purchases and receipts of materials returned from works Signup and view all the answers

Which account is included for adjustment in the stores transactions?

Stock Adjustment Account Signup and view all the answers

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

The accuracy of the financial records related to stores Signup and view all the answers

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

To assess efforts to manage excess inventory Signup and view all the answers

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

The distribution of imprest holders across divisions Signup and view all the answers

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

A breakdown of charges and credits for the division Signup and view all the answers

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

High levels of returned materials from works Signup and view all the answers

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

Works completed last year Signup and view all the answers

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

The efficacy of the stores management protocol Signup and view all the answers

What should be ensured before classifying stores as dead surplus?

That the material is not likely to be in demand by other Railways Signup and view all the answers

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

It reflects depreciation due to aging or obsolescence Signup and view all the answers

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

Station Masters Signup and view all the answers

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

Specially acquired stores Signup and view all the answers

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

Items are transferred to dead surplus Signup and view all the answers

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

A certificate of balances Signup and view all the answers

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

The net inventory at year-end Signup and view all the answers

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

Regularly as needed Signup and view all the answers

What action should be taken regarding materials returned from works?

They need to be recorded for tracking Signup and view all the answers

What is included in the category of emergency stores?

Items essential for unexpected demand due to breakage. Signup and view all the answers

How are movable surplus items defined in the statement?

Items expected to be utilized in the near future. Signup and view all the answers

What does 'dead surplus' specifically refer to?

Items not issued for the past 24 months and unlikely to be used. Signup and view all the answers

What distinguishes ordinary stores from other categories in the statement?

Ordinary stores do not include specially obtained items. Signup and view all the answers

What should be regularly revised according to market rates?

The prices at which stores are issued. Signup and view all the answers

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

Impaired value recognition of stores. Signup and view all the answers

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

Money value of stores in hand under each major group. Signup and view all the answers

Which of the following best describes surplus stores?

Unutilized items that may still be of value. Signup and view all the answers

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

To ensure quantities match book entries and make corrections. Signup and view all the answers

Which of the following represents a category of special stores?

Stores particularly acquired for important works. Signup and view all the answers

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.

Studying That Suits You

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

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.