A business purchases machinery at a cost of £30,000. It is expected to have a life of six years, after which it will have no residual value. It is to be depreciated using the straight-line method. The annual depreciation for the machinery will be £5,000. This would appear as a charge in the income statement for each of the six years. The relevant section of the balance sheet showing machinery would appear at the end of each year as follows:
| Balance sheet Don't use plagiarized sources. Get Your Custom Essay on a business purchases machinery at a cost of pound 30 000 it is expected to have a li 611261 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Year | Year | Year | Year | Year | Year |
| extract at year-end date | 1 | 2 | 3 | 4 | 5 | 6 |
| Non-current assets | £ | £ | £ | £ | £ | £ |
| Machinery at cost | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
| Less depreciation | 5,000 | 10,000 | 15,000 | 20,000 | 25,000 | 30,000 |
| Net book value/carrying amount | 25,000 | 20,000 | 15,000 | 10,000 | 5,000 | 0 |
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