A company acquired a machine for ₹80,000, with an estimated useful life of 15,000 hours and a residual value of ₹8,000. The machine was used for 1,800 hours during the current year. Determine the depreciation expense for the year using the Machine Hour Rate Method.

On April 1, 2022, a bank purchased a server cluster for 1,20,00,000 (estimated life 4 years, residual value 20,00,000, using Straight Line Method). On April 1, 2024, due to technological obsolescence, the remaining useful life is revised to only 1 more year (ending March 31, 2025) and the residual value is estimated at 5,00,000. What is the correct depreciation charge for FY 2024-25?

Consider the following statements regarding the principles and practices of depreciation accounting: Statement I: The depreciable amount of an asset is its historical cost (or substituted amount) less its estimated residual value. Statement II: Depreciation for a period is recognized in the Profit and Loss account unless it is included in the carrying amount of another asset. Statement III: The useful life of an asset is defined solely by its physical durability, regardless of the entity's usage plans. Statement IV: Land and buildings are treated as separate assets, and land usually has an unlimited useful life and is not depreciated. Statement V: When the WDV method is used, the depreciation is calculated on the original cost every year. Which of the options correctly identifies the accurate statements?