diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index 421b9a6c378..4960c7e7095 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -23,6 +23,7 @@
   "asset_name",
   "asset_category",
   "location",
+  "asset_value",
   "custodian",
   "department",
   "disposal_date",
@@ -480,6 +481,12 @@
    "fieldname": "section_break_36",
    "fieldtype": "Section Break",
    "label": "Finance Books"
+  },
+  {
+   "fieldname": "asset_value",
+   "fieldtype": "Currency",
+   "label": "Asset Value",
+   "read_only": 1
   }
  ],
  "idx": 72,
@@ -502,7 +509,7 @@
    "link_fieldname": "asset"
   }
  ],
- "modified": "2021-01-22 12:38:59.091510",
+ "modified": "2021-05-11 23:47:15.831720",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset",
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index b9f413854f7..350220b8979 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -96,6 +96,9 @@ class Asset(AccountsController):
 			finance_books = get_item_details(self.item_code, self.asset_category)
 			self.set('finance_books', finance_books)
 
+		if not(self.asset_value):
+			self.asset_value = self.gross_purchase_amount
+
 	def validate_asset_values(self):
 		if not self.asset_category:
 			self.asset_category = frappe.get_cached_value("Item", self.item_code, "asset_category")