diff --git a/erpnext/assets/doctype/asset_category/asset_category.py b/erpnext/assets/doctype/asset_category/asset_category.py
index 16e564ad1bd..2edf71099af 100644
--- a/erpnext/assets/doctype/asset_category/asset_category.py
+++ b/erpnext/assets/doctype/asset_category/asset_category.py
@@ -31,7 +31,7 @@ class AssetCategory(Document):
 		self.validate_finance_books()
 		self.validate_account_types()
 		self.validate_account_currency()
-		self.valide_cwip_account()
+		self.validate_accounts()
 
 	def validate_finance_books(self):
 		for d in self.finance_books:
@@ -97,11 +97,21 @@ class AssetCategory(Document):
 							title=_("Invalid Account"),
 						)
 
-	def valide_cwip_account(self):
+	def validate_accounts(self):
+		self.validate_duplicate_rows()
+		self.validate_cwip_accounts()
+		self.validate_depreciation_accounts()
+
+	def validate_duplicate_rows(self):
+		companies = {row.company_name for row in self.accounts}
+		if len(companies) != len(self.accounts):
+			frappe.throw(_("Cannot set multiple account rows for the same company"))
+
+	def validate_cwip_accounts(self):
 		if self.enable_cwip_accounting:
 			missing_cwip_accounts_for_company = []
 			for d in self.accounts:
-				if not d.capital_work_in_progress_account and not frappe.db.get_value(
+				if not d.capital_work_in_progress_account and not frappe.get_cached_value(
 					"Company", d.company_name, "capital_work_in_progress_account"
 				):
 					missing_cwip_accounts_for_company.append(get_link_to_form("Company", d.company_name))
@@ -115,6 +125,40 @@ class AssetCategory(Document):
 				)
 				frappe.throw(msg, title=_("Missing Account"))
 
+	def validate_depreciation_accounts(self):
+		depreciation_account_map = {
+			"accumulated_depreciation_account": "Accumulated Depreciation Account",
+			"depreciation_expense_account": "Depreciation Expense Account",
+		}
+		missing_depreciation_account_msg = []
+		for row in self.accounts:
+			if not has_depreciable_asset(self.name, row.company_name):
+				continue
+			default_accounts = frappe.get_cached_value(
+				"Company",
+				row.company_name,
+				["accumulated_depreciation_account", "depreciation_expense_account"],
+				as_dict=True,
+			)
+			for fieldname, label in depreciation_account_map.items():
+				if not row.get(fieldname) and not default_accounts.get(fieldname):
+					missing_depreciation_account_msg.append(
+						_("Row #{0}: Missing <b>{1}</b> for company <b>{2}</b>.").format(
+							row.idx,
+							label,
+							get_link_to_form("Company", row.company_name),
+						)
+					)
+		if missing_depreciation_account_msg:
+			msg = _(
+				"Since there are active depreciable assets under this category, the following accounts are required. <br><br>"
+			)
+			msg += _(
+				"You can either configure default depreciation accounts in the Company or set the required accounts in the following rows: <br><br>"
+			)
+			msg += "<br>".join(missing_depreciation_account_msg)
+			frappe.throw(msg, title=_("Missing Accounts"))
+
 
 def get_asset_category_account(
 	fieldname, item=None, asset=None, account=None, asset_category=None, company=None
@@ -138,3 +182,17 @@ def get_asset_category_account(
 	)
 
 	return account
+
+
+def has_depreciable_asset(asset_category, company):
+	return bool(
+		frappe.db.count(
+			"Asset",
+			{
+				"calculate_depreciation": 1,
+				"asset_category": asset_category,
+				"company": company,
+				"status": ["in", ("Submitted", "Partially Depreciated")],
+			},
+		)
+	)