diff --git a/erpnext/__init__.py b/erpnext/__init__.py
index 0d42fa4cbfc..a32aa2dc60e 100644
--- a/erpnext/__init__.py
+++ b/erpnext/__init__.py
@@ -5,7 +5,7 @@ import frappe
 from erpnext.hooks import regional_overrides
 from frappe.utils import getdate
 
-__version__ = '12.28.0'
+__version__ = '12.29.0'
 
 def get_default_company(user=None):
 	'''Get default company for user'''
diff --git a/erpnext/assets/doctype/asset/asset.js b/erpnext/assets/doctype/asset/asset.js
index 93781d9e0ef..6b2109bf7c9 100644
--- a/erpnext/assets/doctype/asset/asset.js
+++ b/erpnext/assets/doctype/asset/asset.js
@@ -78,6 +78,7 @@ frappe.ui.form.on('Asset', {
 		frappe.ui.form.trigger("Asset", "is_existing_asset");
 		frm.toggle_display("next_depreciation_date", frm.doc.docstatus < 1);
 		frm.events.make_schedules_editable(frm);
+		frm.trigger("toggle_make_depreciation_entry");
 
 		if (frm.doc.docstatus==1) {
 			if (in_list(["Submitted", "Partially Depreciated", "Fully Depreciated"], frm.doc.status)) {
@@ -141,6 +142,18 @@ frappe.ui.form.on('Asset', {
 		}
 	},
 
+	toggle_make_depreciation_entry: function(frm) {
+		if (frm.doc.calculate_depreciation){
+			if (in_list(["Submitted", "Partially Depreciated"], frm.doc.status)){
+				frm.fields_dict['schedules'].grid.set_column_disp('make_depreciation_entry', true);
+			} else {
+				frm.fields_dict['schedules'].grid.set_column_disp('make_depreciation_entry', false);
+			}
+
+			frm.refresh_field('schedules');
+		}
+	},
+
 	toggle_reference_doc: function(frm) {
 		if (frm.doc.purchase_receipt && frm.doc.purchase_invoice && frm.doc.docstatus === 1) {
 			frm.set_df_property('purchase_invoice', 'read_only', 1);
diff --git a/erpnext/assets/doctype/asset/depreciation.py b/erpnext/assets/doctype/asset/depreciation.py
index 251fe3fa493..dd2c531d107 100644
--- a/erpnext/assets/doctype/asset/depreciation.py
+++ b/erpnext/assets/doctype/asset/depreciation.py
@@ -34,6 +34,8 @@ def make_depreciation_entry(asset_name, date=None):
 		date = today()
 
 	asset = frappe.get_doc("Asset", asset_name)
+	validate_asset(asset)
+
 	fixed_asset_account, accumulated_depreciation_account, depreciation_expense_account = \
 		get_depreciation_accounts(asset)
 
@@ -101,6 +103,10 @@ def make_depreciation_entry(asset_name, date=None):
 
 	return asset
 
+def validate_asset(asset):
+	if asset.status not in ['Submitted', 'Partially Depreciated']:
+		frappe.throw(_("Cannot depreciate {0} Asset").format(asset.status))
+
 def get_depreciation_accounts(asset):
 	fixed_asset_account = accumulated_depreciation_account = depreciation_expense_account = None
 
diff --git a/erpnext/change_log/v12/v12_29_0.md b/erpnext/change_log/v12/v12_29_0.md
new file mode 100644
index 00000000000..738d900933f
--- /dev/null
+++ b/erpnext/change_log/v12/v12_29_0.md
@@ -0,0 +1,5 @@
+## ERPNext Version 12.29.0 Release Notes
+
+### Fixes & Enhancements
+
+- Display 'Make Depreciation Entry' only for submitted or partially depreciated Assets  ([#29291](https://github.com/frappe/erpnext/pull/29291))
\ No newline at end of file
diff --git a/requirements.txt b/requirements.txt
index 6783d72af3f..8ecb047addb 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -2,7 +2,7 @@ braintree==3.57.1
 # frappe   # https://github.com/frappe/frappe is installed during bench-init
 gocardless-pro==1.11.0
 googlemaps==3.1.1
-pandas==0.24.2
+pandas>=0.24.0,<1.2.0
 plaid-python~=7.2.1
 PyGithub==1.44.1
 python-stdnum==1.12