While I was searching the internet about emulating QEMU, most of the guides pointed to link https://xecdesign.com/downloads/linux-qemu/kernel-qemu which is dead as of now.
kernel-qemu-3.10.25-wheezy, which is the original kernel from link https://xecdesign.com/downloads/linux-qemu/kernel-qemu - Works fine with any wheezy image with changes mentioned in wiki.
Go through wiki page (https://github.com/dhruvvyas90/qemu-rpi-kernel/wiki) for step by step guide how to emulate Raspberry Pi on Qemu on any platform (Win, linux or Mac OS)