diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index 5c685ccdc71..8431d5f1184 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -829,6 +829,85 @@ class TestAsset(AssetSetup):
 		asset.save().submit()
 		self.assertEqual(asset.status, "Fully Depreciated")
 
+	def test_depreciation_accounts_is_set_for_depreciable_assets(self):
+		company_depreciation_accounts = frappe.db.get_value(
+			"Company",
+			"_Test Company",
+			[
+				"accumulated_depreciation_account",
+				"depreciation_expense_account",
+			],
+			as_dict=True,
+		)
+		frappe.db.set_value(
+			"Company",
+			"_Test Company",
+			{
+				"accumulated_depreciation_account": "",
+				"depreciation_expense_account": "",
+			},
+		)
+		asset_category_name = "Computers"
+		asset_category_account = None
+		if frappe.db.exists("Asset Category", asset_category_name):
+			filters = {
+				"parent": asset_category_name,
+				"company_name": "_Test Company",
+			}
+			fieldname = [
+				"name",
+				"accumulated_depreciation_account",
+				"depreciation_expense_account",
+			]
+			asset_category_account = frappe.db.get_value(
+				"Asset Category Account",
+				filters=filters,
+				fieldname=fieldname,
+				as_dict=True,
+			)
+			if asset_category_account and (
+				asset_category_account.accumulated_depreciation_account
+				or asset_category_account.depreciation_expense_account
+			):
+				frappe.db.set_value(
+					"Asset Category Account",
+					asset_category_account.name,
+					{
+						"accumulated_depreciation_account": "",
+						"depreciation_expense_account": "",
+					},
+				)
+		else:
+			asset_category = frappe.new_doc("Asset Category")
+			asset_category.asset_category_name = asset_category_name
+			asset_category.append(
+				"accounts",
+				{
+					"company_name": "_Test Company",
+					"fixed_asset_account": "_Test Fixed Asset - _TC",
+				},
+			)
+			asset_category.insert()
+		asset = create_asset(asset_category=asset_category_name, calculate_depreciation=1, do_not_save=1)
+		with self.assertRaises(frappe.ValidationError) as err:
+			asset.save()
+
+		self.assertTrue(
+			"Please set Depreciation related Accounts in Asset Category Computers or Company"
+			in str(err.exception)
+		)
+
+		frappe.db.set_value("Company", "_Test Company", company_depreciation_accounts)
+		if asset_category_account:
+			frappe.db.set_value(
+				"Asset Category Account",
+				asset_category_account.name,
+				{
+					"accumulated_depreciation_account": asset_category_account.accumulated_depreciation_account,
+					"depreciation_expense_account": asset_category_account.depreciation_expense_account,
+				},
+			)
+
 
 class TestDepreciationMethods(AssetSetup):
 	@classmethod
diff --git a/erpnext/assets/doctype/asset_category/test_asset_category.py b/erpnext/assets/doctype/asset_category/test_asset_category.py
index ea68875a552..ae7aafe8716 100644
--- a/erpnext/assets/doctype/asset_category/test_asset_category.py
+++ b/erpnext/assets/doctype/asset_category/test_asset_category.py
@@ -4,6 +4,8 @@
 import frappe
 from frappe.tests import IntegrationTestCase
 
+from erpnext.assets.doctype.asset.test_asset import create_asset
+
 
 class TestAssetCategory(IntegrationTestCase):
 	def test_mandatory_fields(self):
@@ -50,3 +52,65 @@ class TestAssetCategory(IntegrationTestCase):
 		)
 
 		self.assertRaises(frappe.ValidationError, asset_category.insert)
+
+	def test_duplicate_company_accounts(self):
+		asset_category = frappe.get_doc(
+			{
+				"doctype": "Asset Category",
+				"asset_category_name": "Computers",
+				"accounts": [
+					{
+						"company_name": "_Test Company",
+						"fixed_asset_account": "_Test Fixed Asset - _TC",
+					},
+					{
+						"company_name": "_Test Company",
+						"fixed_asset_account": "_Test Fixed Asset - _TC",
+					},
+				],
+			}
+		)
+		with self.assertRaises(frappe.ValidationError) as err:
+			asset_category.save()
+		self.assertTrue("Cannot set multiple account rows for the same company" in str(err.exception))
+
+	def test_depreciation_accounts_required_for_existing_depreciable_assets(self):
+		asset = create_asset(
+			asset_category="Computers",
+			calculate_depreciation=1,
+			company="_Test Company",
+			submit=1,
+		)
+		company_acccount_depreciation = frappe.db.get_value(
+			"Company",
+			asset.company,
+			[
+				"accumulated_depreciation_account",
+				"depreciation_expense_account",
+			],
+			as_dict=True,
+		)
+		frappe.db.set_value(
+			"Company",
+			asset.company,
+			{
+				"accumulated_depreciation_account": "",
+				"depreciation_expense_account": "",
+			},
+		)
+		asset_category = frappe.get_doc("Asset Category", asset.asset_category)
+		asset_category.enable_cwip_accounting = 0
+		for row in asset_category.accounts:
+			if row.company_name == asset.company and (
+				row.accumulated_depreciation_account or row.depreciation_expense_account
+			):
+				row.accumulated_depreciation_account = None
+				row.depreciation_expense_account = None
+		with self.assertRaises(frappe.ValidationError) as err:
+			asset_category.save()
+
+		self.assertTrue(
+			"Since there are active depreciable assets under this category, the following accounts are required."
+			in str(err.exception)
+		)
+		frappe.db.set_value("Company", asset.company, company_acccount_depreciation)