Hospitality Business Toolkit

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK A ..........................................................................................................................................3
TASK B...........................................................................................................................................9
CONCLUSION..............................................................................................................................14
REFERENCES................................................................................................................................1

INTRODUCTION
Hospitality business is known to be one of the big industry which provides various
services, such as – lodging, food, accommodation, food and beverages (Goryushkina, and et.al,
2019). This industry majorly rely on the providing services to the customers. In this report,
East London catering is the diversified hospitality company which is serving worldwide. In this
report various, principles of managing and monitoring financial performance is being defined
apart from this, double entry and book keeping system of debit and credit which shows the sales
and purchase of the organization is being elaborated in this report. Except this, basic trail
balance and ledger is being discussed in this report. Different stages of HR life cycle is being
mentioned in this report. Apart from this, performance management plan for then organization is
mentioned in this report. Specific legislation of East London catering organization has been
elaborated in this report. Apart from this, functional role of the hospitality sector interrelate
mentioned in this report. Different method of communication, monitoring is being mentioned in
this report.
TASK A
P1 Principle of managing and monitoring financial performance
Monitoring of financial performance is very essential for any business, to monitor the
financial performance, the management of organization must prepare the financial statement.
Financial statement includes profit and loss account and balance sheet of the organization which
will provide a vital indicator to the management that whether the organization is earning profit or
not (Konovalova and et.al, 2018). Apart from this, top manage the financial performance of the
organization, the management have to make the record of the inventories . The records of
inventories must be recorded accurately so that management know how many raw- material are
coming in the organization and how many are getting used by the organization. Apart from
this,management or the finance department of the organization must prepare the cash flow
statement the main objective of cash flow statement is to know the total cash inflows and
outflows in the organization so that the management can overcome the expenses. As the major
expenses of organization take place in the form of marketing expenses, to attract the new
customer, this organization expense a lot in the marketing, thus the budget of the organization
can vary, apart from this the organization has to make different budget for the HR, because HR
department also spent ample of money of on the training and development of the employees to

manage the and monitor then financial budget the management has to consider the HR
department as well.
P2 double entry book keeping of debit and credit for recording sales and purchase transactions.
Double entry book keeping is used to record daily transactions.
This task will carry journal entry, ledger accounts and final trial balance
Journal entry:
Journal entry means recording the business transactions in the books of accounts of the business.
It consists of date, transaction description, debit and credit (Kurbonova, 2021)
Journal entry:
S No. particulars Debit ( £) Credit ( £)
1 Cash a/c dr
to capital a/c
(being cash is invested
by owner)
30000
30000
2 Rent a/c dr
to cash a/c
(being rent is paid)
1000
1000
3 Washers and dryers a/c
dr
to cash a/c
to creditor a/c
(being purchase is done)
25000
10000
15000
4 Insurance policy a/c dr
to cash a/c
(being insurance policy
paid)
1200
1200
5 Good supplies a/c dr
beverage a/c dr
8000
7000