Harrison Ltd has a policy of revaluing its motor vehicles to fair value. The details at 30 June 2023 relating to Harrison Ltd's motor vehicles, which had previously been revalued upwards by $28000, are as follows. Motor vehicles Less: Accumulated depreciation $ 352 000 88 000 $ 264 000 At the date of the revaluation increase (1 July 2022) the vehicles had a zero residual value and a useful life of 4 years. Depreciation has been calculated using the straight-line method. On 31 December 2023, Harrison Ltd was informed that the fair value of the vehicles was $200 000. The useful life and residual value have not changed. At 30 June 2024, the carrying amounts are not materially different from fair values.

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.