Reference no: EM13257849
Imran Limited imported technical machinery costing Rs. 300,000 onJuly 01, 2003. It further incurred the following expenses on themachinery:
Import duty Rs. 100,000
Non-refundable taxes Rs. 5,000
Transportation cost Rs. 6,000 to bring the machineryto factory premises
Insurance in transit Rs. 4,000
Initially the useful life was estimated to be five years anddepreciation was provided on straight-line basis. The estimated break up valuewas Rs. 15,000.
During the year 2004-05 the company estimated the remaining life ofthe machinery to be five years instead of four years. The break upvalue was re-estimated at Rs. 20,000.
The machinery was sold on July 01, 2006 for Rs. 280,000
Required:
1. Calculate the cost of machinery
2. Calculate the depreciation rate ( Initial and Revised)
3. Calculate the depreciable amount of machinery at initialstage
4. Calculate the depreciation expense of machinery for theyear ended June 30, 2004
5. Calculate the book value of machinery for the year ended June 30, 2004
6. Calculate the depreciation expense of machinery for the year ended June 30, 2005
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