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Prepare schedule of depreciation

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Question - Shahzaib Company purchased a factory machine of Rs. 51,000 on December 30, 2020. The machine is expected to have a salvage value of Rs. 6,500 at the end of its 5 year useful life. During the useful life, the machine is expected to be used for 6,000 hours. The owner of a machine paid Rs. 1,500 transportation charges for carrying machine to the company. Owner of a company withdraw Rs. 2,500 for his personal use. Company paid Rs. 6,000 insurance policy of a machine for next 03 years.

Prepare Schedule of Depreciation on the basis of Straight Line Method And explain if value of machine increase from 51,000 to 60,000 after 5 years so what would be the value of machine and how we cam calculate salvage value with time. Interpret and calculate the values.

Reference no: EM133039641

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