By Sally J. Messenger, Humphrey Shaw
This is often geared toward Hospitality measure and degree scholars in Universities and large FE faculties HCINM specialist education classes at NVQ degrees four & five (in FE and Universities) Tourism and rest scholars on levels and better Diplomas in Universities and large FE faculties. This textbook is geared toward catering, hospitality, tourism and relaxation scholars for his or her Accounting and Finance papers. The authors got down to pitch for a easy point of knowing. The monetary fabric is thoroughly expounded utilizing a sequence of concrete examples outfitted around a lodge and relaxation company. The publication is a component designed for college students who may be engaged on their very own, so the try is in particular designed to be effortless to stick with. solutions are supplied within the textbook to all numerical difficulties. every one bankruptcy is stuffed with projects to aid readers practice the speculation and attempt their realizing. The reader follows the applying of monetary thoughts to resort and relaxation companies. The ebook is very aimed toward scholars who've now not studied finance earlier than, so the textual content is designed to be hugely correct and simple to stick to. solutions are supplied within the e-book to all numerical difficulties. A tutor's variation is usually to be had.
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Additional info for Financial Management: for the Hospitality, Tourism and Leisure Industries
Accountants sub-divide these into Real and Nominal Accounts: tangible items such as equipment. stock or vehicles are referred to as Real Accounts and items of day-to-day revenue and expenditure such as sales and purchases are referred to as Nominal Accounts. 2 (on following page). The majority of the accounts for the Magic Lantern Restaurant are in the General Ledger because they are concerned with day-to-day income and expenditure. Only one transaction appears in the Purchases Ledger because it is the only item of credit expenditure on goods for re-sale to customers.
These accounts are kept in one of three ledgers: Preparing the Ledger Accounts 35 • Sales or Debtors Ledger In this ledger are all the personal accounts of individual customers or clients who have been sold goods or services on credit by the business • Purchases, Creditors or Bought Ledger In this ledger are all the personal accounts of individual suppliers whom the business has purchased goods from on credit • General or Nominal Ledger In this ledger are all the impersonal accounts of the business.
The bank column of the Cash Account is therefore credited. 250 Buying and selling on credit So far, we have not considered any credit transactions. When a firm buys or sells on credit the Ledger Accounts must show how much is owed and to whom, plus what is owed to the firm. If a business sells goods on credit the person buying the goods is called a debtor and is treated as an asset of the business. No money has changed hands and so the Ledger must show what was sold and the amount owed. 32 Understanding Financial Statements This is done by debiting the Debtor's Account and crediting the Sales Account.
Financial Management: for the Hospitality, Tourism and Leisure Industries by Sally J. Messenger, Humphrey Shaw