In The Flash S01E15 episode "Fallout" we saw Barry see himself while running. At the end of the episode we saw that Barry accidentally makes a time jump and goes back in time. It becomes clear that it was himself at the beginning whom he saw.
Then it happened. The previous version of Barry vanished or merged or jumped to some other timeline may be. It's not clear what exactly happened with the past Flash. The future Flash who just jumped through time remains and previous one vanished. So I guess only one version is possible in existence at one timeline.
In S01E17 "Tricksters" we saw what happened the night when his mom dies. Flash and Reverse-Flash were there. So when Flash travels back to that night, why didn't young Barry disappear? There should have been only one version of Barry Allen, right? How did they (past, present & future Barry Allens) co-exist and the future flashes did not?