Steps in procurement of material
Write down the steps in procurement of material?
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The steps in procurement of material are illustrated below: Purchase Requisition is a sign to the purchase department to purchase convinced material needed for the production. Particulars shown in the purchase requisition - Material is to be purchased
- When it is need
- How much is to be purchased
- Assortment of Source of Supply
- Single Tender
- Limited Tender
- Open Tender
- Global Tender
- Purchase arrange
- Depiction of Materials to be supplied
- Amount to be supplied
- Trade and Cash discount Rates at which materials are supplied
- Extra charges such as Sales tax, Excise duty, packing charges, assurance Instructions in respect of delivery
- Assurance clause
- Inspection clause
- Technique of settlement of disputes
- Terms of payment Inspection and Receipt
- After the receipt of materials, inspection of the material is complete. Inspection of materials means that the amount really received is compared with the quantity ordered; as well the quality of the material is inspected.
- Statement received from the supplier is compared together with the purchase order; inspection note and goods received note.
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Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% Firm is proposing to buy the new plant that could generate extra annual profit of Rs. 10,000. The fixed cost of new plant is expected to Rs. 4000. New plant would increase sales volume by Rs. 40,00
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