Hospitality Business Toolkit Assignment - sweet and sour restaurant

Hospitality Business
Toolkit

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Investigate the principles of managing and monitoring financial performance....................4
Hence according to sweet and sour restaurant have to frame budget that increase in their sales
and effective manner to get better results...................................................................................5
P2 Apply the double entry book keeping system of debits and credits to record sales and
purchases transactions in a general ledger..................................................................................5
P3 Produce a basic trial balance applying the use of the balance off rule to complete the
ledger...........................................................................................................................................6
Balance of rule:...........................................................................................................................7
TASK 2............................................................................................................................................7
P4 Review different stages of the HR life cycle applied to a specific hospitality job role and
their importance for retaining and developing talent..................................................................7
P5 Develop a performance management plan for a specific hospitality job role applying
techniques to resolve both negative behaviour and overcome issues of staff retention. ..........10
TASK 3..........................................................................................................................................11
P6 Identify specific legislation that a hospitality organisation has to comply and adhere to.. .11
P7 Using specific examples illustrates how company, employment and contract law has a
potential impact upon business decision in hospitality industry...............................................11
TASK 4..........................................................................................................................................13
P8 Explore how different functional roles within hospitality sector interrelate.......................13
P9 Explain different methods of communication, coordination and monitoring applied in a
specific department to strengthen their value chain..................................................................15
CONCLUSION..............................................................................................................................16

REFERENCES..............................................................................................................................17
INTRODUCTION
Hospitality industry is one of the most important industry which plays vital role in
economic advancement and many types of services includes in it such as lodging, transportation,
event planning and travelling etc.. it mainly focuses on giving services to consumers and giving
satisfaction to consumer base. This industry mainly rely on discretionary income and on leisure
time. This report is based on sweet and sour restaurant that is London based restaurant and
provides all types of services to their consumers by providing fresh food and juices with
travelling and transportation services. This report is based on principles of managing financial
performance with HR life cycle of the industry. Further it explains various development
strategies in hospitality industry. It also includes kinds of functions with communication methods
to coordinate different activities that are obligatory for smooth functioning.
TASK 1
P1 Investigate the principles of managing and monitoring financial performance.
To coordinate and comply with different principles to get desirable outcomes in by
managing and evaluating performance of the organisation. There are some important attributes
that are necessary for sour and sweet restaurant to enhance their performance level that are as
follows:
 obey different rules and regulations: In context of sweet and sour restaurant their all
major work and activities should be based on their prescribed rules and regulations.
These regulations enables in smooth functioning of organisation (Biber and et.al .,
2017).
 Review of budget: It is necessary to review and observe each and every aspect before
entering into an new aspect and expand their functions. In that case review of all aspects
in proper manner proves fruitful (Caliandro and Gandini, 2016).
 Analysis of financial results: Sweet and sour restaurant have to measure each and every
aspect before entering into an new project to get better results.

 Substitution plans and ideas: organisation have to prepare some plan that are substitute of
previous plan so in any case firm easily replace it.
For an example all expenditure and incomes should be based on income and expenditure with the
budget.
Incomings Outgoings
Benefits Food and Drinks
Gifts packages Lunch purchases
Salary and Wages Gifts
Allowances Household utility bills
Weekly food shopping
Clothes and other accessories
Hence according to sweet and sour restaurant have to frame budget that increase in their sales
and effective manner to get better results.
There are some important terms that helps in gain important insights that are as follows:
Sales: Sale is an very important term in finance that give selling no. for goods and
service in a fixed time frame. For instance in case of sweet and sour restaurant focuses on
identification of their target market and helps in gain important goals and objectives for a month.
Purchase: this is another important term which organisation have to take account important
purchases to accomplish goals and objectives (Dahlén and Larsson, 2014.). In case of sweet and
sour they take significant steps to advertise and promote their goods and services that enhance
their sales.
Cost of input: it is one of the important term in which direct cost related to material, labour,
transportation and some other important terms should be included ( Doherty, Meehan and
Richards, 2015). In case of sweet and sour they measure some cost that proved helpful in
gaining important insights and knowledge. They measure cost of fruits, vegetables, spices,
infrastructure and some other important ones.

P2 Apply the double entry book keeping system of debits and credits to record sales and
purchases transactions in a general ledger.
To keep data and information safe and secure, in that case book keeping and trial balance
plays very important role to get important knowledge and insights.
Double entry system:
Book entry system is an security in which stocks and bonds should be record in electronic
way. It reduce the need of issuing paper of ownership. In other words it entry data and
information in safe manner in two accounts (Hanrahan, J. ed., 2017.). In case of sweet and sour
they record all relevant information and data with help of financial statements by bank entry
using assets and liabilities for paying loan.
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 750
Cash sales 3350
Credit card sales 14795
Free issues 575
New kitchen equipments 6540
Food purchase 7900
Beverage purchases 12970
Purchase return 200
Discount received 2300
Credit notes 190
Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590

Debtors 700
Till shortage 152
37502 37502
P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger.
Trial balance:
Trial balance is a chain of recordings various data and information in ledger accounts
stored various information (Häusler, 2017). In that various information of each and every
nominal business should be contain. In that each aspect either debit and credit balance should be
recorded. In case of sweet and sour restaurant they build a trial balance to record important
information.
Particulars Debit Credit Transaction amount
Wages 17589 17589
Gifts 15000 15000
Benefits 25500 25500
Allowances 20000 20000
Weekly food shopping 20005 20005
Clothes 17500 17500
Gifts 16050 16050
Household utility bills 4078 4078
Drinks 10532 10532
Lunch purchases 5455 5455
73620 78089 151709