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Introduction to bookkeeping system of debits and credits for hospitality business toolkit

   

Added on  2020-10-22

11 Pages3634 Words397 Views
Hospitality Business Toolkit
Introduction to bookkeeping system of debits and credits for hospitality business toolkit_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Introduction to the financial transactions by identifying types of source document andrecording processes of concerned business ...........................................................................31.2 Principles of double entry bookkeeping system of debits and credits..............................41.3 Demonstrate need for accounting report and prepare a trial balance along with its purpose................................................................................................................................................51.4 Analyse types of cost and how they can be managed to influence financial performance ofbusiness...................................................................................................................................51.5.Evaluation of the importance of accurate recording of the transactions with acceptedaccounting principles ............................................................................................................61.6 Critically evaluate role of financial management and monitoring in achieving positivegrowth in business with some recommendations. .................................................................7TASK 2............................................................................................................................................72.1 Overview of the issues in talent acquisition and retention with food & beverage sector72.2 .Relate factors to a specific hospitality job in food & beverage industry.........................82.3 Identification of specific legislations that hospitality organisations has to comply. How itreflect on employment contract and its impact on decision making .....................................82.4 Stages of HR life cycle and importance of HR in supporting, growing and retaining talentfor a specific job role..............................................................................................................92.5 Develop a performance management plan to support specific job role...........................92.6 Make recommendations on how processes and documents at each stage of HR life cyclecan be improved...................................................................................................................10TASK 3..........................................................................................................................................10(Covered in PPT ).................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11INTRODUCTION
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Hospitality industry is a wide group of businesses within the service industry whichincludes facilities of lodging, travelling, transportation, event planning and various serviceswithin the tourism industry to provide customer satisfaction at a greater extent(). Industriesshould develop various strategies which assist them to achieve high business success. The reportis based on Zoopy juice cafe (Jayawardena and et. al., 2013). It is a London based firm whichspecialises in salads, juices and smoothies. The present assignment is based on analysingprinciples for handling and managing financial performance as well as discusses how thisprinciples are applied in double entry book keeping system. Various functional roles andcommunication methods within the hospitality industry are discussed under the report. Alongwith this there are some issues in talent acquisition and legislations which are also discussedunder the report.TASK 1Zoopy juice cafe is a new cafe launched in Bishops gate, London. It specialises in freshjuices, salads to its customers. Variety of juices and healthy salads will be provided so as toattract customers. Besides this manager of cafe is trying to grab all the available opportunitiesand targets maximum market share. 1.1 Introduction to the financial transactions by identifying types of source document andrecording processes of concerned business Financial transaction is an agreement or communication between buyer and sellerregarding the exchange of an asset or the payment. It involves changing the status of financebetween two or more businesses or individuals. There are various kind of source documentswhich assist the firm in determining their financial transactions.Source documents – It is a original record which contains the details of every transactionthat occurred during the accounting period. They provide evidences to the financial transactionswhen are reviewed by the auditors. Various types of source documents includes memos, chequesdeposit slips, bank statement etc. It includes date when transaction is done and also specifies theamount of transaction. Recording process- Recording process of Zoopy juice cafe records all the financialtransaction undertaken during the accounting year, Recording process will include documentssuch as general ledger, trial balance.
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1.2 Principles of double entry bookkeeping system of debits and creditsDouble Entry Book Keeping system- It is an accounting system in which transaction inevery business are recorded in minimum two accounts. It has two equal corresponding sidesdebit and credit and recognises the dual nature of every transaction. Zoopy juice Cafe firmshould maintain this system to determine the profitability of the business along with the expensesincurred. It ensures that financial value added to the debit side is equal to the amount specified incredit side (Kysilka and Csaba, 2013).Principles of double entry book keeping system are as follows- Under this book keeping system there are two entries for every transaction, one is thecredit entry and other is the debit entry.This ensures one person is the receiver and other is the giver and the value added to thedebit side should be equal to the credit side.ParticularsDebitCreditCash in hand (Overdraft)10700Petty cash expenses750Cash sales3350Credit card sales14795Free issues575New kitchen equipments6540Food purchase7900Beverage purchases12970Purchase return200Discount received2300Credit notes190Rent2850Utilities475Functions and events (Income)5967Wages4590Debtors700Till shortage1523750237502
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