Irene & Co. had sales of € 15,000 during 2004, 80% of them on credit and 20% for cash. During the year, trade and other receivables increased from € 1,200 to € 1,600, an increase of € 400. What amount of cash was received from customers during 2004? (a) € 15,400  (b) € 3,400 (c). € 3,000 (d). € 14,600

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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.