Carnival Corporation & PLC: A Hospitality Business Toolkit

Desklib provides past papers and solved assignments for students. This report analyzes Carnival Corporation's hospitality business.

The Hospitality Business Toolkit
1

TABLE OF CONTENT
S
TABLE OF CONTENTS...................................................................................................................................2
INTRODUCTION...........................................................................................................................................3
Activity 1......................................................................................................................................................4
Activity 2....................................................................................................................................................10
Activity 3....................................................................................................................................................12
Activity 4....................................................................................................................................................14
Activity 5....................................................................................................................................................16
Activity 6....................................................................................................................................................19
Activity 7....................................................................................................................................................21
Activity 8....................................................................................................................................................23
Conclusion.................................................................................................................................................25
References.................................................................................................................................................26
2

INTRODUCTION
The hospitality industry is one of the rapidly growing businesses all over the world and
generates millions of money and also generates employment opportunities for people in
different fields. This assignment has a discussion about the British-American Cruise operator
company known as Carnival Corporation & PLC. Company has claimed that it is currently the
world's largest leisure travel company, which designed to provide memorable holiday
happiness for their guests (Boella and Goss-Turner, 2013).
In this assignment, Company has given the financial report of transactions and direction the
method to analysis the financial performance, also given the report on HR Life Cycle for Talent
Management and builds the performance plans. It has also given the training on law for the
hospitality industry, briefing on legal and ethical consideration and analyzing the
communication, coordination and monitoring methods.
3

Activity 1
Journal Entry
Journal entry is used for a recording of financial transaction in accounting books on both side
debit and Credit, it can be recorded in general ledger with the help of journal vouchers then
general ledger is used to create a financial statement for the business (Boella and Goss-Turner,
2013).
General Ledger
A General Ledger is a complete record of keeping financial transaction for the organization;
basically, general ledger provides all the information for making a financial statement with
different financial transactions of Carnival Corporation & PLC during the February month.
4

M/s Carnival UK & PK’ A
Journal Entry
(As per the year of 2018)
Date Particulars L/F Amount (£)Dr. Amount (£)Cr.
1st Feb
3rd Feb
6th Feb
10th Feb
14th Feb
17th Feb
Purchase a/c Dr.
To Kate Kitchen’s a/c
To Harry’s a/c
(Bing food purchase from Kate kitchen
and Purchase wines and spirits from
Harry)
Cash a/c Dr.
To Sales a/c
(Being sales of food and beverages)
Kate Kitchen a/c Dr.
To Bank a/c
(Being pay to Kate's account by the
bank)
Cash a/c Dr.
To Sales a/c
(Being sales of food and beverages)
Banka/c Dr.
To Sales a/c
(Being amount paid by Meganne for
room reservation and catering)
Harry’s a/c Dr.
34,553
13,024
5,001
10,683
2,008
13,321
5,001
29,552
13,024
5,001
10,683
2,008
5

22nd Feb
24th Feb
To Cash a/c
To Sales a/c
(Being sales of food & beverages and
pay off to harry)
No entry for a prior order
(Being no entry recorded for prior
order)
Cash a/c Dr.
To Sales a/c
(Being sales of food and beverages)
-----------
12,329
11,710
1,611
-------------
12,329
TOTAL 90,919 90,919
Harry’s A/c
Date Particulars P/F Amount (£) Dr. Date Particulars P/F Amount (£) Dr.
17 Feb To Bank a/c 29,552 1 Feb By Purchase a/c 29,552
TOTAL 29,552 TOTAL 29,552
Purchase A/c
Date Particulars P/F Amount (£)
Dr.
Date Particulars P/F Amount (£)
Cr.
1 Feb To Kate Kitchen’s a/c $5,001 28 Feb By Balance c/d 34,553
1 Feb To Harry’s a/c $29,552
TOTAL 34,553 TOTAL 34,553
6

1 March By Balance B/d 34,553
Sales A/c
Date Particulars P/F Amount (£)
Dr.
Date Particulars P/F Amount (£)
Dr.
28 Feb To Balance c/d 54,338 03 Feb By Cash a/c 13,027
10 Feb By Cash a/c 10,653
14 Feb By Cash a/c 2,008
17 Feb By Cash a/c 13,321
24 Feb By Cash a/c 12,329
TOTAL 51,338 TOTAL 51,338
1 March To Balance b/d 51,338
Kate Kitchen’s A/c
Date Particulars P/F Amount (£)
Dr.
Date Particulars P/F Amount (£)
Dr.
06 Feb To Bank a/c 5,001 1 Feb By Purchase a/c 5,001
TOTAL 5,001 TOTAL 5,001
Bank A/c
Date Particulars P/F Amount (£)
Dr.
Date Particulars P/F Amount (£)
Dr.
14 Feb To Sales a/c 2,008 6 Feb By Kate Kitchen’s a/c 5,001
28 Feb To Balance c/d 32,545 17 Feb By Harry’s a/c 29,552
7

TOTAL 34,553 TOTAL 34,553
1 March To Balance B/d 32,545
Cash A/c
Date Particulars P/F Amount (£)
Dr.
Date Particulars P/F Amount (£)
Dr.
03 Feb To Sales a/c 13,027 17 Feb By Balances c/d 49,330
10 Feb To Sale a/c 10,653
17 Feb To Sales a/c 2,008 28 Feb
24 Feb To sales a/c 13,321
12,329
TOTAL 49,330 TOTAL 49,330
1 March By Balance b/d 49,330
Trial Balance
A Trial Balance is a bookkeeping statement or accounting report in which the balance of all the
ledgers are assembling into the debit and credit accounts totals that are equal. The purpose of
making trial balance is to analyses the financial transactions in the bookkeeping are numerically
right or not. As a discussion of assignment, a trial balance has prepared with the given following
entries (Ahmed, 2019).
Trial Balance
Carnival Corporation & PLC
For year month ended 28th February 2018
S. No. Account Heads J.F. Debit (£) Credit (£)
1. Cash a/c 49,330
2. Sales A/c 51,338
3. Purchase A/c 34,553
4. Bank A/c 32,545
8

Total 83,883 83,883
Activity 2
Recommending the Methods to Measure the Financial Performance
In every business, its need to evaluate the performance indicators of the company which
ensure the growth and success of a restaurant, it is required to evaluate, analyses and measure
operations with the help of Key Performance of Indicators (Boella and Goss-Turner, 2013). The
object of KPI to evaluate the performance of the organization and how effectively and
efficiently company achieving desired goals. The two recommended key performance indicators
are:
1. Profit Analysis
This is one of the most important Performance key indicators to analysis the profit
structure of the organization and to measure gross and net profit margin to understand the
financial performance of the company. An important part of profit analysis is the point
9

where the total cost and total revenue match at the point and measure the profit ration
(Martin-Rios and Ciobanu, 2019).
2. Cost Of Goods Sold (COGS)
Cost of goods sold is a collection of the direct cost that occurs in goods sold, it is the best
key indicator to measure the cost incurred in the restaurant occupation (Boella and Goss-
Turner, 2013).
Principles of Managing and Monitoring Financial Performance
It is most important to systematic monitoring and managing the financial performance of the
company in order to run a successful business. Without appropriate profit, strong numbers of
sales and regular cash flow, no business can be successful. There are some principles of
managing and monitoring financial performance as followings (Senthil, 2015).
10

1. Preparation of Financial Statement
Each and every organization required to produce their basic report are the Balance-
sheet and Profit and Loss Statement, these reports give an overview of the financial
position of the organization. It also represents the status of the business in the market
and according to that; the improvement can be made for a better outcome (Martin-Rios
and Ciobanu, 2019).
2. Preparation of Fund Flow and Cash Flow statements
These statements are the reports for an organization to describe that how much
moveable cash is coming into the company and help a company to see how much
money it has been received from different sources like long-term funds, issues of shares
and from operating activities (Boella and Goss-Turner, 2013).
3. Preparation of Financial Ratio analysis
Ratio Analysis plays a very important role to measure financial performance and its
growth; it will help to describe the actual assets potion presented as compare with the
liabilities and how many moveable assets are ready to merge into the cash (Martin-Rios
and Ciobanu, 2019).
4. Analyzing the Overheads
Preparing Financial Statement and ratio analysis is not sufficient for monitoring. The
business needs to identify the hidden keys that point out the weak areas of the
company. Proper checking of overhead expenses occurs in business like salaries,
advertisement expenses, and other miscellaneous expenses (Boella and Goss-Turner,
2013).
11

Activity 3
Different Stages of HR life Cycle for Talent Management
The concept of Life Cycle in Human Resource Management who has played a business support
function. Human Resource Management handles the different stages in the organization which
is the keys to run a successful business and make proper talent acquisition; Talent Management
is the process were to manage the ability of employees, competency level, and power of the
employees in the organization. They handle the Recruitment process, training and talent
procedure which is quite difficult to manage (Boella and Goss-Turner, 2013). There are some
stages of HR Life Cycle to represent the following responsibilities are:
1. Recruitment Process
Recruiting is the process of hiring new employees in the business for expansion or for
better results. The role of human resource management is to place job advertisements
and selection process of the right person in the right position (Martin-Rios and Ciobanu,
2019).
2. Orientation and training Programmes
Orientation is the process by which employees become a part of the company and
learnt the new job duties and establishing the relationship with the co-workers and
other employees, and training procedure is the stage for the development of existing
employees and also for career prospects.
3. Payroll Management
This process refers to the administration process of the company, includes employee’s
financial records and all the details of salary, incentives bonus and deduction etc. It is
done by the different HR software’s which helps to make all the things very clear
(Martin-Rios and Ciobanu, 2019).
12