IGNOU MMPN 2 2026 - Write a short note on Journal and Ledger in Accounting process.

Question

Write a short note on Journal and Ledger in Accounting process.

31 Jan 2026

Answer :

Word Count : 457

In the accounting process, the journal and ledger are fundamental records that ensure systematic, accurate, and reliable financial information, which is especially important in construction management where projects involve large expenditures, multiple transactions, and long durations. The journal is the book of original entry where all financial transactions are recorded for the first time in a chronological order. Each transaction is entered using the double entry system, showing both debit and credit aspects, along with the date, accounts involved, amounts, and a brief narration explaining the nature of the transaction. In construction projects, transactions such as

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