Unit 4 - Hospitality Business Toolkit

Unit 4 - Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 ................................................................................................................................................3
P2 ................................................................................................................................................4
P3 ................................................................................................................................................8
TASK 2 ...........................................................................................................................................9
P4 ................................................................................................................................................9
P5 ..............................................................................................................................................10
TASK 3 .........................................................................................................................................12
P6...............................................................................................................................................12
P7...............................................................................................................................................13
TASK 4 .........................................................................................................................................13
P8...............................................................................................................................................13
P9...............................................................................................................................................14
CONCLUSION .............................................................................................................................15
REFERENCE.................................................................................................................................16

INTRODUCTION
Hospitality sector is wider sector within service industry as it includes number of
categories like food services, theme parks transportation, lodging and event planning. This is one
of the leading sector which contributes large towards economy of country. As well incudes
various series to influence users and make them loyal towards brand (Kim and Im, 2018).
Following report is based on east London catering that organises events such as weeding,
birthday parties and family gatherings. Further, it covers discussion about double entry, book
keeping system of credits and debits to record transaction of sales and purchases in general
ledger. Lastly includes stages of HR life cycle with significant sustaining talents.
TASK 1
P1
Financial performance can be defined as a extent to which company can effectively
undertake assets in order to generate huge revenue. In context of this number of principles
available for monitoring the financial performance management. Financial accounts are created
for gaining advantages related to minimization of expenses. East London catering, records all
data of daily receipts and vouchers received while purchasing along with sales of raw material.
Some of the principles in context of chosen company are as follow:
Maintain proper record of stock:This comprises protecting and generating right records
related with the raw material with other significant purchases buy by company (Van der Wagen
and White, 2018). It provides knowledge to East London catering related to wastage of purchases
and stock of inventory.
Making key financial statements reports: It is based on development with overview of
companies current financial performance and comprises profit & loss along with balance sheet.
With the help of these reports, entities of company will able to increase productivity of the nest
year.
Evaluating overhead cost: main objective of this principle is to get insight into additional
expenses of company. East London catering calculate all cost which they can reduces in future
by decreasing operating cost and increasing profit margin with the assistance of their recorded
data of additional expenses.

P2
This tends to a system in which all account entry requires a matching, opposite account
entry. Two equal and corresponding sides of double entry are called debit and credit. In which
side side is debit and the right side is credit. In context of this there are three principles like
separation of entity. For chosen company, they has legal entity of independent from their owners.
Other principles is accounting equation which states Assets – Liabilities= Capital. Last one
states that each transaction has dual effects on dual transaction (Bilro, Loureiro and Guerreiro,
2019).