Calculate cash flow from operating activities from the following information: Total Sales for the year - ₹2,50,000 Total purchases for the year -  ₹2,00,000 Trade debtors as on 01.07.2007 -  ₹12,000 Trade creditors as on 01.07.2007 -  ₹14,500 Trade debtors as on 30.06.2008 – ₹ 20,800 Trade creditors as on 30.06.2008 – ₹ 21,600 Total operating expenses for the year – ₹ 10,200 Outstanding expenses as on 01.07.2007 – ₹ 1,800 Prepaid expenses as on 01.07.2007 – ₹ 1,500 Outstanding expenses as on 30.06.2008 – ₹ 2,400 Prepaid expenses as on 30.06.2008 – ₹ 2,200 Income tax paid during the year - ₹ 2,000

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A:

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.