Calculation of Income tax paid during the 2007-2008:
Alternatively a ledger account can be prepared to calculate the amount of income tax that was paid during the year:
Now that all the necessary workings have been completed, the Statement of Cash Flows of Hussein and Daughters for the year ended September 30, 2008 can 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.