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Qualification - Level 4 Diploma In Tourism And Hospitality Management
Unit Name - Accounting and Finance
Assignment Title - Accounting and Finance
Unit Level - Level 4
Unit Number - Unit 03
Learning Outcome 1: Clarify the purpose of accounting and finance in the context of a tourism or hospitality organisation.
Learning Outcome 2: Explain the difference between a sole trader, a partnership and a limited company.
Learning Outcome 3: Explain the difference between the private sector and the public sector in terms of ownership and objectives.
Learning Outcome 4: Assess how financial software can support the accounting functions of Tourism and Hospitality organisations.
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Aims :
The aim of this unit is to develop learners' understanding of fundamental accounting principles for those working in a managerial role in the hospitality, leisure, travel and tourism sector. The unit considers the constraints of local, national and international contexts on business structure, objectives and environment.
Prepare documents involved in financial transactions based on accounting principles.
2.1 Explain the rules of double entry book keeping including the maintenance of records.
2.2 Calculate and correctly account for VAT on purchases and sales.
2.3 Prepare cash receipts, cash payments and bank reconciliation. .
Prepare a Statement of Comprehensive Income and a Statement of Financial Position.
3.1 Construct a simple trial balance from given information.
3.2 Prepare a Statement of Comprehensive Income.
3.3 Prepare a Statement of Financial Position.
Understand how an organisation should manage its fixed working capital.
4.1 Classify the types and sources of finance available to a business and the ways in which a business raises capital.
4.2 Explain the reasons for, and process of budgetary control.
4.3 Prepare a cash budget.
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Scenario
You have recently joined Tourism Magazine, a magazine specialising in Tourism and Hospitality. The magazine is aiming at helping new and existing businesses develop. The next task is focusing on accounting and your are asked to write a series of articles for the magazine. You will need to conduct some investigation in order to produce articles that are relevant, current and interesting.
Task 1 - Magazine Articles
Instructions
You are required to write a series or article as follows:
• 1x article discussing the purpose of accounting and finance, providing an example of an
organisation that went bankrupt due to the lack of them
• 1x article discussing the types of companies for people contemplating a start in business (sole
trader, partnership and limited company)
• 1x article discussing the different objectives of private sector vs public sector organisation
• 1x article recommending an accounting software (and listing its advantages)
• 1x article recommending 3 was of financing for a company
• 1x article explaining why make and budget and how to do it with an illustration
Delivery and Submission
• 6x articles
•Word count 2000
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Task 2 - VAT and Balance Sheet Assessment
Problem 1
Kerry Kase purchased an electronic register for £2,499 after VAT for her restaurant. The VAT was
20%, what was the cost ex-VAT?
Kerry Kase worked out that she should charge £6.80 for her roast chicken, the VAT is %20. How
much should would the price be?
Instructions
• Answer both questions
Problem 2
Information needed to prepare a bank reconciliation for the DineFine Restaurant for June30, 2018, is presented below:
a. Balance of cash per books on June 30, 2018, is £1,252.86.
b. Balance per bank statement on June 30, 2018, is £1,192.96.
c. The June 30 cash receipts of £382.50 were placed in the local bank's drop box at 9:00 P.M.
on June 30.
d. Bank services charges amounted to £14 for printing new checks.
e. The outstanding checks at June r 30 were #864, £232.50; #868, £12.75; #869, £122.17.
f. An NSF check in the amount of £25 was returned with the bank statement.
g. Check #842 for £76 was erroneously recorded on the books at £67.
h. A credit memo for £3.18 for interest earned was included with the bank statement.
Instructions
• Prepare a bank reconciliation for the restaurant for June 30, 2018.
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Problem 3
Agatha Feeling is the owner and manager of the GoodNight B&B, which caters to family travellers.
She has hired you to do her bookkeeping. The following transactions occurred in August:
a. Cash of £1,000 was paid on August 15 for September's rent.
b. Cash room sales of £9,400.
c. Cash F&B sales of £5,600
d. Room sales on account, £250.
e. Purchase of cleaning supplies for cash, £290.
f. Purchase of office supplies on account from Bing's Office Supply, £150.
g. New investment by owner of £1,000.
h. Payment on account (Bing's), £50.
i. Rental income from vending machines, £75.
j. Payment of wages with cash, £5,700.
k. Food & Beverage expense purchase on account from Market Food Supply £1500
Further, he has account balances for the beginning of August as follows:
Cash
£ 3120
Accounts Receivable
£ 200
Cleaning Supplies
£ 30
Office Supplies
£ 100
Accounts Payable, Bing's Office Supply Hut
£ 50
Notes Payable
£ 400
Jack Wicks, Capital
£ 3000
Instructions
1. Enter the transactions into the general journal, showing debits and credits, and an explanation
for each.
2. Open T-accounts for each balance sheet account as well as for the revenue and expense
accounts. Enter the beginning balances.
3. Post the August transactions to the T-accounts. Determine the ending balance for each
account.
4. Prepare a trial balance for August 31, 2017
5. Prepare a Balance Sheet for August 31, 2017
6. Prepare an Income Statement for the period ending August 31, 2017
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