Question: Please use formulas where necessary and show all workings,Note that no other info available (ii) On 1st July 2017, Virginia Airlines acquired a new aircraft

Please use formulas where necessary and show all workings,Note that no other info available

Please use formulas where necessary and show all workings,Note that no other

(ii) On 1st July 2017, Virginia Airlines acquired a new aircraft that can be used for long flights. The aircraft costs Rs205 million. The company's engineer determined that the aircraft could be broken into the following components namely: Fuselage, Engine and undercarriage. The following details relate to the different components: Total cost (%) Scrap value Useful life Fuselage 60 Rs3m 10 years Engine 30 10,000 flying hours Undercarriage 10 500 landings During the first year the aircraft had 300 flights and was in operation for 600 hours. REQUIRED: Prepare journal entries necessary to account for the depreciation of the aircraft for the year ending 30 June 2018. (6 marks) (iii) Mecom Plc acquired some machinery at cost Rs11 million on 1st January 2013. The asset had a useful life of 10 years and a scrap value of Rs1million at end. Straight line method is used to calculate depreciation

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