Wear and Tear due to Use or Passage of Time
Wear and tear means decline, and the consequent decrease in an assets value, arising from its use in business operations for earning revenue. It reduces the asset's technical capacities. Another aspect of wear and tear is the physical deterioration
An asset deteriorates simply with the passage of time, even though they are not being put to any use. This happens especially when the assets are exposed to the nature like weather, winds, rains, etc.