1. Calculation of income tax paid during 2007-2008.
Alternatively a ledger account can be prepared to calculate the amount of income tax that was paid during the year:
The Statement of Cash Flows for the year ended 31st March, 2008, can now be prepared.
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The author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor.