diff --git a/erpnext/accounts/doctype/accounting_period/accounting_period.py b/erpnext/accounts/doctype/accounting_period/accounting_period.py
index c4e51d813b2..16a29bf4591 100644
--- a/erpnext/accounts/doctype/accounting_period/accounting_period.py
+++ b/erpnext/accounts/doctype/accounting_period/accounting_period.py
@@ -97,7 +97,7 @@ def validate_accounting_period_on_doc_save(doc, method=None):
 	if doc.doctype == "Bank Clearance":
 		return
 	elif doc.doctype == "Asset":
-		if doc.is_existing_asset:
+		if doc.asset_type == "Existing Asset":
 			return
 		else:
 			date = doc.available_for_use_date
diff --git a/erpnext/accounts/doctype/purchase_invoice/purchase_invoice.js b/erpnext/accounts/doctype/purchase_invoice/purchase_invoice.js
index ac214fdac43..e214d2f4416 100644
--- a/erpnext/accounts/doctype/purchase_invoice/purchase_invoice.js
+++ b/erpnext/accounts/doctype/purchase_invoice/purchase_invoice.js
@@ -534,7 +534,7 @@ cur_frm.fields_dict["select_print_heading"].get_query = function (doc, cdt, cdn)
 
 cur_frm.set_query("wip_composite_asset", "items", function () {
 	return {
-		filters: { is_composite_asset: 1, docstatus: 0 },
+		filters: { asset_type: "Composite Asset", docstatus: 0 },
 	};
 });
 
diff --git a/erpnext/assets/dashboard_chart/category_wise_asset_value/category_wise_asset_value.json b/erpnext/assets/dashboard_chart/category_wise_asset_value/category_wise_asset_value.json
index 78611da0036..60551560185 100644
--- a/erpnext/assets/dashboard_chart/category_wise_asset_value/category_wise_asset_value.json
+++ b/erpnext/assets/dashboard_chart/category_wise_asset_value/category_wise_asset_value.json
@@ -6,11 +6,11 @@
  "docstatus": 0,
  "doctype": "Dashboard Chart",
  "dynamic_filters_json": "{\"company\":\"frappe.defaults.get_user_default(\\\"Company\\\")\",\"from_date\":\"frappe.datetime.add_months(frappe.datetime.nowdate(), -12)\",\"to_date\":\"frappe.datetime.nowdate()\"}",
- "filters_json": "{\"status\":\"In Location\",\"group_by\":\"Asset Category\",\"is_existing_asset\":0}",
+ "filters_json": "{\"status\":\"In Location\",\"group_by\":\"Asset Category\",\"asset_type\":[\"!=\",\"Existing Asset\"]}",
  "idx": 0,
  "is_public": 1,
  "is_standard": 1,
- "modified": "2020-10-28 23:16:16.939070",
+ "modified": "2026-02-03 15:48:13.407835",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Category-wise Asset Value",
diff --git a/erpnext/assets/dashboard_chart/location_wise_asset_value/location_wise_asset_value.json b/erpnext/assets/dashboard_chart/location_wise_asset_value/location_wise_asset_value.json
index 848184cc148..3f89d987ba0 100644
--- a/erpnext/assets/dashboard_chart/location_wise_asset_value/location_wise_asset_value.json
+++ b/erpnext/assets/dashboard_chart/location_wise_asset_value/location_wise_asset_value.json
@@ -6,11 +6,11 @@
  "docstatus": 0,
  "doctype": "Dashboard Chart",
  "dynamic_filters_json": "{\"company\":\"frappe.defaults.get_user_default(\\\"Company\\\")\",\"from_date\":\"frappe.datetime.add_months(frappe.datetime.nowdate(), -12)\",\"to_date\":\"frappe.datetime.nowdate()\"}",
- "filters_json": "{\"status\":\"In Location\",\"group_by\":\"Location\",\"is_existing_asset\":0}",
+ "filters_json": "{\"status\":\"In Location\",\"group_by\":\"Location\",\"asset_type\":[\"!=\",\"Existing Asset\"]}",
  "idx": 0,
  "is_public": 1,
  "is_standard": 1,
- "modified": "2020-10-28 23:16:07.883312",
+ "modified": "2026-02-03 15:48:13.407835",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Location-wise Asset Value",
diff --git a/erpnext/assets/dashboard_fixtures.py b/erpnext/assets/dashboard_fixtures.py
index 3b1d14440cf..0fd6c019f36 100644
--- a/erpnext/assets/dashboard_fixtures.py
+++ b/erpnext/assets/dashboard_fixtures.py
@@ -100,7 +100,7 @@ def get_charts(fiscal_year, year_start_date, year_end_date):
 					"company": company,
 					"status": "In Location",
 					"group_by": "Asset Category",
-					"is_existing_asset": 0,
+					"asset_type": ["!=", "Existing Asset"],
 				}
 			),
 			"type": "Donut",
@@ -126,7 +126,12 @@ def get_charts(fiscal_year, year_start_date, year_end_date):
 			"x_field": "location",
 			"timeseries": 0,
 			"filters_json": json.dumps(
-				{"company": company, "status": "In Location", "group_by": "Location", "is_existing_asset": 0}
+				{
+					"company": company,
+					"status": "In Location",
+					"group_by": "Location",
+					"asset_type": ["!=", "Existing Asset"],
+				}
 			),
 			"type": "Donut",
 			"doctype": "Dashboard Chart",
diff --git a/erpnext/assets/doctype/asset/asset.js b/erpnext/assets/doctype/asset/asset.js
index 28add7cb35d..2a7703495bf 100644
--- a/erpnext/assets/doctype/asset/asset.js
+++ b/erpnext/assets/doctype/asset/asset.js
@@ -81,23 +81,79 @@ frappe.ui.form.on("Asset", {
 	},
 
 	before_submit: function (frm) {
-		if (frm.doc.is_composite_asset && !frm.has_active_capitalization) {
+		if (frm.doc.asset_type == "Composite Asset" && !frm.has_active_capitalization) {
 			frappe.throw(__("Please capitalize this asset before submitting."));
 		}
 	},
 
-	refresh: function (frm) {
-		frappe.ui.form.trigger("Asset", "is_existing_asset");
+	refresh: async function (frm) {
+		frappe.ui.form.trigger("Asset", "asset_type");
 		frm.toggle_display("next_depreciation_date", frm.doc.docstatus < 1);
 
+		let has_create_buttons = false;
 		if (frm.doc.docstatus == 1) {
+			if (["Submitted", "Partially Depreciated"].includes(frm.doc.status)) {
+				frm.add_custom_button(
+					__("Asset Value Adjustment"),
+					function () {
+						frm.trigger("create_asset_value_adjustment");
+					},
+					__("Create")
+				);
+
+				frm.add_custom_button(
+					__("Asset Repair"),
+					function () {
+						frm.trigger("create_asset_repair");
+					},
+					__("Create")
+				);
+				has_create_buttons = true;
+			}
+
+			if (
+				!frm.doc.calculate_depreciation &&
+				["Submitted", "Partially Depreciated", "Fully Depreciated"].includes(frm.doc.status)
+			) {
+				frm.add_custom_button(
+					__("Depreciation Entry"),
+					function () {
+						frm.trigger("make_journal_entry");
+					},
+					__("Create")
+				);
+				has_create_buttons = true;
+			}
+
+			if (has_create_buttons) {
+				frm.page.set_inner_btn_group_as_primary(__("Create"));
+			}
+
 			if (["Submitted", "Partially Depreciated", "Fully Depreciated"].includes(frm.doc.status)) {
+				if (frm.doc.maintenance_required && !frm.doc.maintenance_schedule) {
+					frm.add_custom_button(
+						__("Maintain Asset"),
+						function () {
+							frm.trigger("create_asset_maintenance");
+						},
+						__("Actions")
+					);
+				}
+
+				frm.add_custom_button(
+					__("Split Asset"),
+					function () {
+						frm.trigger("split_asset");
+					},
+					__("Actions")
+				);
+
 				frm.add_custom_button(
 					__("Transfer Asset"),
 					function () {
 						erpnext.asset.transfer_asset(frm);
 					},
-					__("Manage")
+					__("Actions")
 				);
 
 				frm.add_custom_button(
@@ -105,7 +161,7 @@ frappe.ui.form.on("Asset", {
 					function () {
 						erpnext.asset.scrap_asset(frm);
 					},
-					__("Manage")
+					__("Actions")
 				);
 
 				frm.add_custom_button(
@@ -113,15 +169,7 @@ frappe.ui.form.on("Asset", {
 					function () {
 						frm.trigger("sell_asset");
 					},
-					__("Manage")
-				);
-
-				frm.add_custom_button(
-					__("Split Asset"),
-					function () {
-						frm.trigger("split_asset");
-					},
-					__("Manage")
+					__("Actions")
 				);
 			} else if (frm.doc.status == "Scrapped") {
 				frm.add_custom_button(__("Restore Asset"), function () {
@@ -129,47 +177,9 @@ frappe.ui.form.on("Asset", {
 				}).addClass("btn-primary");
 			}
 
-			if (frm.doc.maintenance_required && !frm.doc.maintenance_schedule) {
+			if (await frm.events.should_show_accounting_ledger(frm)) {
 				frm.add_custom_button(
-					__("Maintain Asset"),
-					function () {
-						frm.trigger("create_asset_maintenance");
-					},
-					__("Manage")
-				);
-			}
-
-			if (["Submitted", "Partially Depreciated"].includes(frm.doc.status)) {
-				frm.add_custom_button(
-					__("Adjust Asset Value"),
-					function () {
-						frm.trigger("create_asset_value_adjustment");
-					},
-					__("Manage")
-				);
-
-				frm.add_custom_button(
-					__("Repair Asset"),
-					function () {
-						frm.trigger("create_asset_repair");
-					},
-					__("Manage")
-				);
-			}
-
-			if (!frm.doc.calculate_depreciation) {
-				frm.add_custom_button(
-					__("Create Depreciation Entry"),
-					function () {
-						frm.trigger("make_journal_entry");
-					},
-					__("Manage")
-				);
-			}
-
-			if (frm.doc.purchase_receipt || !frm.doc.is_existing_asset) {
-				frm.add_custom_button(
-					__("View General Ledger"),
+					__("Accounting Ledger"),
 					function () {
 						frappe.route_options = {
 							voucher_no: frm.doc.name,
@@ -179,7 +189,7 @@ frappe.ui.form.on("Asset", {
 						};
 						frappe.set_route("query-report", "General Ledger");
 					},
-					__("Manage")
+					__("View")
 				);
 			}
 
@@ -195,7 +205,7 @@ frappe.ui.form.on("Asset", {
 		if (frm.doc.docstatus == 0) {
 			frm.toggle_reqd("finance_books", frm.doc.calculate_depreciation);
 
-			if (frm.doc.is_composite_asset) {
+			if (frm.doc.asset_type == "Composite Asset") {
 				frappe.call({
 					method: "erpnext.assets.doctype.asset.asset.has_active_capitalization",
 					args: {
@@ -217,6 +227,28 @@ frappe.ui.form.on("Asset", {
 		}
 	},
 
+	should_show_accounting_ledger: async function (frm) {
+		if (["Capitalized"].includes(frm.doc.status)) {
+			return false;
+		}
+
+		if (
+			!frm.doc.purchase_receipt &&
+			!frm.doc.purchase_invoice &&
+			["Existing Asset", "Composite Component"].includes(frm.doc.asset_type)
+		) {
+			return false;
+		}
+
+		const asset_category = await frappe.db.get_value(
+			"Asset Category",
+			frm.doc.asset_category,
+			"enable_cwip_accounting"
+		);
+
+		return !!asset_category.message?.enable_cwip_accounting;
+	},
+
 	set_depr_posting_failure_alert: function (frm) {
 		const alert = `
 			<div class="row">
@@ -232,7 +264,8 @@ frappe.ui.form.on("Asset", {
 
 	toggle_reference_doc: function (frm) {
 		const is_submitted = frm.doc.docstatus === 1;
-		const is_special_asset = frm.doc.is_existing_asset || frm.doc.is_composite_asset;
+		const is_special_asset =
+			frm.doc.asset_type == "Existing Asset" || frm.doc.asset_type == "Composite Asset";
 
 		const clear_field = (field) => {
 			if (frm.doc[field]) {
@@ -508,18 +541,13 @@ frappe.ui.form.on("Asset", {
 		});
 	},
 
-	is_existing_asset: function (frm) {
-		frm.trigger("toggle_reference_doc");
-	},
-
-	is_composite_asset: function (frm) {
+	asset_type: function (frm) {
 		if (frm.doc.docstatus == 0) {
-			if (frm.doc.is_composite_asset) {
+			if (frm.doc.asset_type == "Composite Asset") {
 				frm.set_value("net_purchase_amount", 0);
 			} else {
 				frm.set_df_property("net_purchase_amount", "read_only", 0);
 			}
-			frm.trigger("toggle_reference_doc");
 		}
 	},
 
diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index 832f7c18e68..32f5ce9cf50 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -9,20 +9,17 @@
  "engine": "InnoDB",
  "field_order": [
   "naming_series",
+  "company",
   "item_code",
   "item_name",
   "asset_name",
-  "asset_category",
-  "location",
   "image",
   "column_break_3",
-  "status",
-  "company",
-  "asset_owner",
-  "asset_owner_company",
-  "is_existing_asset",
-  "is_composite_asset",
-  "is_composite_component",
+  "location",
+  "asset_category",
+  "asset_type",
+  "maintenance_required",
+  "calculate_depreciation",
   "purchase_details_section",
   "purchase_receipt",
   "purchase_receipt_item",
@@ -30,31 +27,44 @@
   "purchase_invoice_item",
   "purchase_date",
   "available_for_use_date",
+  "disposal_date",
   "column_break_23",
   "net_purchase_amount",
   "purchase_amount",
   "asset_quantity",
   "additional_asset_cost",
+  "section_break_uiyd",
+  "column_break_bbwr",
+  "column_break_bfkm",
   "total_asset_cost",
-  "disposal_date",
   "depreciation_tab",
-  "calculate_depreciation",
-  "column_break_33",
+  "column_break_wqzi",
   "opening_accumulated_depreciation",
-  "opening_number_of_booked_depreciations",
   "is_fully_depreciated",
+  "column_break_33",
+  "opening_number_of_booked_depreciations",
   "section_break_36",
   "finance_books",
   "section_break_33",
   "depreciation_method",
   "value_after_depreciation",
-  "total_number_of_depreciations",
-  "column_break_24",
   "frequency_of_depreciation",
+  "column_break_24",
   "next_depreciation_date",
+  "total_number_of_depreciations",
   "depreciation_schedule_sb",
   "depreciation_schedule_view",
-  "insurance_details_tab",
+  "other_info_tab",
+  "accounting_dimensions_section",
+  "cost_center",
+  "column_break_rjyw",
+  "asset_owner_section",
+  "asset_owner",
+  "column_break_yeds",
+  "asset_owner_company",
+  "customer",
+  "supplier",
+  "insurance_section",
   "policy_number",
   "insurer",
   "insured_value",
@@ -62,22 +72,17 @@
   "insurance_start_date",
   "insurance_end_date",
   "comprehensive_insurance",
-  "other_info_tab",
-  "accounting_dimensions_section",
-  "cost_center",
   "section_break_jtou",
+  "status",
   "custodian",
+  "department",
   "default_finance_book",
   "depr_entry_posting_status",
-  "booked_fixed_asset",
-  "customer",
-  "supplier",
   "column_break_51",
-  "department",
-  "split_from",
   "journal_entry_for_scrap",
+  "split_from",
   "amended_from",
-  "maintenance_required",
+  "booked_fixed_asset",
   "connections_tab"
  ],
  "fields": [
@@ -106,13 +111,6 @@
    "options": "Item",
    "reqd": 1
   },
-  {
-   "depends_on": "item_code",
-   "fetch_from": "item_code.item_name",
-   "fieldname": "item_name",
-   "fieldtype": "Read Only",
-   "label": "Item Name"
-  },
   {
    "depends_on": "item_code",
    "fetch_from": "item_code.asset_category",
@@ -207,7 +205,7 @@
    "fieldname": "purchase_date",
    "fieldtype": "Date",
    "label": "Purchase Date",
-   "read_only_depends_on": "eval:!doc.is_existing_asset && !doc.is_composite_asset",
+   "read_only_depends_on": "eval:doc.asset_type != \"Existing Asset\" && doc.asset_type != \"Composite Asset\"",
    "reqd": 1
   },
   {
@@ -229,25 +227,18 @@
   {
    "fieldname": "available_for_use_date",
    "fieldtype": "Date",
-   "label": "Available-for-use Date",
-   "mandatory_depends_on": "eval:(!(doc.is_composite_component || doc.is_composite_asset) || doc.docstatus==1)"
+   "label": "Available for Use Date",
+   "mandatory_depends_on": "eval:(!(doc.asset_type == \"Composite Component\" || doc.asset_type == \"Composite Asset\") || doc.docstatus==1)"
   },
   {
    "default": "0",
    "fieldname": "calculate_depreciation",
    "fieldtype": "Check",
    "label": "Calculate Depreciation",
-   "read_only_depends_on": "eval:(doc.is_composite_asset && !doc.net_purchase_amount) || doc.is_composite_component"
+   "read_only_depends_on": "eval:(doc.asset_type == \"Composite Asset\" && !doc.net_purchase_amount) || doc.asset_type == \"Composite Component\""
   },
   {
-   "default": "0",
-   "depends_on": "eval:(!doc.is_composite_asset && !doc.is_composite_component)",
-   "fieldname": "is_existing_asset",
-   "fieldtype": "Check",
-   "label": "Is Existing Asset"
-  },
-  {
-   "depends_on": "eval:(doc.is_existing_asset)",
+   "depends_on": "eval:(doc.asset_type == \"Existing Asset\")",
    "fieldname": "opening_accumulated_depreciation",
    "fieldtype": "Currency",
    "label": "Opening Accumulated Depreciation",
@@ -257,18 +248,20 @@
    "columns": 10,
    "fieldname": "finance_books",
    "fieldtype": "Table",
+   "label": "Finance Books",
    "options": "Asset Finance Book"
   },
   {
    "fieldname": "section_break_33",
    "fieldtype": "Section Break",
-   "hidden": 1
+   "hidden": 1,
+   "label": "Depreciation Details"
   },
   {
    "fieldname": "depreciation_method",
    "fieldtype": "Select",
    "label": "Depreciation Method",
-   "options": "\nStraight Line\nDouble Declining Balance\nManual"
+   "options": "\nStraight Line\nDouble Declining Balance\nWritten Down Value\nManual"
   },
   {
    "fieldname": "value_after_depreciation",
@@ -295,6 +288,7 @@
   {
    "fieldname": "next_depreciation_date",
    "fieldtype": "Date",
+   "hidden": 1,
    "label": "Next Depreciation Date",
    "no_copy": 1
   },
@@ -364,7 +358,7 @@
    "fieldtype": "Column Break"
   },
   {
-   "depends_on": "eval:!doc.is_composite_asset && !doc.is_existing_asset",
+   "depends_on": "eval:doc.asset_type != \"Composite Asset\" && doc.asset_type != \"Existing Asset\"",
    "fieldname": "purchase_receipt",
    "fieldtype": "Link",
    "label": "Purchase Receipt",
@@ -373,7 +367,7 @@
    "print_hide": 1
   },
   {
-   "depends_on": "eval:!doc.is_composite_asset && !doc.is_existing_asset",
+   "depends_on": "eval:doc.asset_type != \"Composite Asset\" && doc.asset_type != \"Existing Asset\"",
    "fieldname": "purchase_invoice",
    "fieldtype": "Link",
    "label": "Purchase Invoice",
@@ -399,7 +393,7 @@
    "read_only": 1
   },
   {
-   "collapsible_depends_on": "is_existing_asset",
+   "collapsible_depends_on": "eval:doc.asset_type == \"Existing Asset\"",
    "fieldname": "purchase_details_section",
    "fieldtype": "Section Break",
    "label": "Purchase Details"
@@ -413,10 +407,9 @@
    "fieldtype": "Column Break"
   },
   {
-   "depends_on": "calculate_depreciation",
+   "depends_on": "eval: doc.calculate_depreciation",
    "fieldname": "section_break_36",
-   "fieldtype": "Section Break",
-   "label": "Finance Books"
+   "fieldtype": "Section Break"
   },
   {
    "fieldname": "split_from",
@@ -455,18 +448,11 @@
   },
   {
    "default": "0",
-   "depends_on": "eval:(doc.is_existing_asset)",
    "fieldname": "is_fully_depreciated",
    "fieldtype": "Check",
+   "hidden": 1,
    "label": "Is Fully Depreciated"
   },
-  {
-   "default": "0",
-   "depends_on": "eval:(!doc.is_existing_asset && !doc.is_composite_component)",
-   "fieldname": "is_composite_asset",
-   "fieldtype": "Check",
-   "label": "Is Composite Asset"
-  },
   {
    "depends_on": "eval:doc.docstatus > 0",
    "fieldname": "total_asset_cost",
@@ -496,7 +482,7 @@
    "read_only": 1
   },
   {
-   "depends_on": "eval:(doc.is_existing_asset)",
+   "depends_on": "eval:(doc.asset_type == \"Existing Asset\")",
    "fieldname": "opening_number_of_booked_depreciations",
    "fieldtype": "Int",
    "label": "Opening Number of Booked Depreciations"
@@ -513,15 +499,10 @@
    "hidden": 1,
    "label": "Purchase Invoice Item"
   },
-  {
-   "fieldname": "insurance_details_tab",
-   "fieldtype": "Tab Break",
-   "label": "Insurance"
-  },
   {
    "fieldname": "other_info_tab",
    "fieldtype": "Tab Break",
-   "label": "Other Info"
+   "label": "More Info"
   },
   {
    "fieldname": "connections_tab",
@@ -530,6 +511,7 @@
    "show_dashboard": 1
   },
   {
+   "depends_on": "eval: doc.calculate_depreciation || doc.asset_type == \"Existing Asset\"",
    "fieldname": "depreciation_tab",
    "fieldtype": "Tab Break",
    "label": "Depreciation"
@@ -544,20 +526,61 @@
    "fieldtype": "Section Break",
    "label": "Additional Info"
   },
-  {
-   "default": "0",
-   "depends_on": "eval:(!doc.is_existing_asset && !doc.is_composite_asset)",
-   "fieldname": "is_composite_component",
-   "fieldtype": "Check",
-   "label": "Is Composite Component"
-  },
   {
    "fieldname": "net_purchase_amount",
    "fieldtype": "Currency",
    "label": "Net Purchase Amount",
-   "mandatory_depends_on": "eval:(!doc.is_composite_asset || doc.docstatus==1)",
+   "mandatory_depends_on": "eval:(doc.asset_type != \"Composite Asset\" || doc.docstatus==1)",
    "options": "Company:company:default_currency",
-   "read_only_depends_on": "eval: doc.is_composite_asset"
+   "read_only_depends_on": "eval: doc.asset_type == \"Composite Asset\""
+  },
+  {
+   "fieldname": "asset_type",
+   "fieldtype": "Select",
+   "label": "Asset Type",
+   "options": "\nExisting Asset\nComposite Asset\nComposite Component"
+  },
+  {
+   "fieldname": "column_break_wqzi",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "column_break_rjyw",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "insurance_section",
+   "fieldtype": "Section Break",
+   "label": "Insurance"
+  },
+  {
+   "fieldname": "section_break_uiyd",
+   "fieldtype": "Section Break"
+  },
+  {
+   "fieldname": "column_break_bbwr",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "column_break_bfkm",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fetch_from": "item_code.item_name",
+   "fetch_if_empty": 1,
+   "fieldname": "item_name",
+   "fieldtype": "Read Only",
+   "hidden": 1,
+   "label": "Item Name"
+  },
+  {
+   "fieldname": "asset_owner_section",
+   "fieldtype": "Section Break",
+   "label": "Ownership"
+  },
+  {
+   "fieldname": "column_break_yeds",
+   "fieldtype": "Column Break"
   }
  ],
  "idx": 72,
@@ -601,7 +624,7 @@
    "link_fieldname": "target_asset"
   }
  ],
- "modified": "2025-12-18 16:36:40.904246",
+ "modified": "2026-02-05 12:42:45.350216",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset",
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 42c8e9f9dfa..95011c8bba1 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -56,6 +56,7 @@ class Asset(AccountsController):
 		asset_owner: DF.Literal["", "Company", "Supplier", "Customer"]
 		asset_owner_company: DF.Link | None
 		asset_quantity: DF.Int
+		asset_type: DF.Literal["", "Existing Asset", "Composite Asset", "Composite Component"]
 		available_for_use_date: DF.Date | None
 		booked_fixed_asset: DF.Check
 		calculate_depreciation: DF.Check
@@ -67,7 +68,9 @@ class Asset(AccountsController):
 		default_finance_book: DF.Link | None
 		department: DF.Link | None
 		depr_entry_posting_status: DF.Literal["", "Successful", "Failed"]
-		depreciation_method: DF.Literal["", "Straight Line", "Double Declining Balance", "Manual"]
+		depreciation_method: DF.Literal[
+			"", "Straight Line", "Double Declining Balance", "Written Down Value", "Manual"
+		]
 		disposal_date: DF.Date | None
 		finance_books: DF.Table[AssetFinanceBook]
 		frequency_of_depreciation: DF.Int
@@ -76,9 +79,6 @@ class Asset(AccountsController):
 		insurance_start_date: DF.Date | None
 		insured_value: DF.Data | None
 		insurer: DF.Data | None
-		is_composite_asset: DF.Check
-		is_composite_component: DF.Check
-		is_existing_asset: DF.Check
 		is_fully_depreciated: DF.Check
 		item_code: DF.Link
 		item_name: DF.ReadOnly | None
@@ -243,7 +243,7 @@ class Asset(AccountsController):
 		self.set_total_booked_depreciations()
 
 	def before_submit(self):
-		if self.is_composite_asset and not has_active_capitalization(self.name):
+		if self.asset_type == "Composite Asset" and not has_active_capitalization(self.name):
 			if self.split_from and has_active_capitalization(self.split_from):
 				return
 			frappe.throw(_("Please capitalize this asset before submitting."))
@@ -252,7 +252,11 @@ class Asset(AccountsController):
 		self.validate_in_use_date()
 		self.make_asset_movement()
 		self.reload()
-		if not self.booked_fixed_asset and not self.is_composite_component and self.validate_make_gl_entry():
+		if (
+			not self.booked_fixed_asset
+			and self.asset_type != "Composite Component"
+			and self.validate_make_gl_entry()
+		):
 			self.make_gl_entries()
 		if self.calculate_depreciation and not self.split_from:
 			convert_draft_asset_depr_schedules_into_active(self)
@@ -267,7 +271,7 @@ class Asset(AccountsController):
 		cancel_asset_depr_schedules(self)
 		self.set_status()
 		self.ignore_linked_doctypes = ("GL Entry", "Stock Ledger Entry")
-		if not self.is_composite_component:
+		if self.asset_type != "Composite Component":
 			make_reverse_gl_entries(voucher_type="Asset", voucher_no=self.name)
 			self.db_set("booked_fixed_asset", 0)
 		add_asset_activity(self.name, _("Asset cancelled"))
@@ -285,7 +289,7 @@ class Asset(AccountsController):
 		add_asset_activity(self.name, _("Asset deleted"))
 
 	def set_purchase_doc_row_item(self):
-		if self.is_existing_asset or self.is_composite_asset:
+		if self.asset_type == "Existing Asset" or self.asset_type == "Composite Asset":
 			return
 
 		self.purchase_amount = self.net_purchase_amount
@@ -328,7 +332,7 @@ class Asset(AccountsController):
 					)
 				)
 
-		if self.is_existing_asset and self.purchase_invoice:
+		if self.asset_type == "Existing Asset" and self.purchase_invoice:
 			frappe.throw(_("Purchase Invoice cannot be made against an existing asset {0}").format(self.name))
 
 	def validate_item(self):
@@ -374,7 +378,7 @@ class Asset(AccountsController):
 				)
 
 	def validate_in_use_date(self):
-		if not self.available_for_use_date and not self.is_composite_component:
+		if not self.available_for_use_date and self.asset_type != "Composite Component":
 			frappe.throw(_("Available for use date is required"))
 
 		for d in self.finance_books:
@@ -442,13 +446,13 @@ class Asset(AccountsController):
 		if not self.asset_category:
 			self.asset_category = frappe.get_cached_value("Item", self.item_code, "asset_category")
 
-		if not flt(self.net_purchase_amount) and not self.is_composite_asset:
+		if not flt(self.net_purchase_amount) and self.asset_type != "Composite Asset":
 			frappe.throw(_("Net Purchase Amount is mandatory"), frappe.MandatoryError)
 
 		if is_cwip_accounting_enabled(self.asset_category):
 			if (
-				not self.is_existing_asset
-				and not self.is_composite_asset
+				not self.asset_type == "Existing Asset"
+				and not self.asset_type == "Composite Asset"
 				and not self.purchase_receipt
 				and not self.purchase_invoice
 			):
@@ -477,7 +481,7 @@ class Asset(AccountsController):
 			if self.is_fully_depreciated:
 				frappe.throw(_("Depreciation cannot be calculated for fully depreciated assets"))
 
-		if self.is_existing_asset:
+		if self.asset_type == "Existing Asset":
 			return
 
 		if self.available_for_use_date and getdate(self.available_for_use_date) < getdate(self.purchase_date):
@@ -549,7 +553,7 @@ class Asset(AccountsController):
 			)
 
 	def validate_gross_and_purchase_amount(self):
-		if self.is_existing_asset:
+		if self.asset_type == "Existing Asset":
 			return
 
 		if self.net_purchase_amount and self.net_purchase_amount != self.purchase_amount:
@@ -617,7 +621,7 @@ class Asset(AccountsController):
 		self.validate_depreciation_start_date(row)
 		self.validate_total_number_of_depreciations_and_frequency(row)
 
-		if not self.is_existing_asset:
+		if self.asset_type != "Existing Asset":
 			self.opening_accumulated_depreciation = 0
 			self.opening_number_of_booked_depreciations = 0
 		else:
@@ -770,7 +774,7 @@ class Asset(AccountsController):
 	def get_status(self):
 		"""Returns status based on whether it is draft, submitted, scrapped or depreciated"""
 		if self.docstatus == 0:
-			if self.is_composite_asset:
+			if self.asset_type == "Composite Asset":
 				status = "Work In Progress"
 			else:
 				status = "Draft"
@@ -843,7 +847,7 @@ class Asset(AccountsController):
 		return records
 
 	def validate_make_gl_entry(self):
-		if self.is_composite_asset:
+		if self.asset_type == "Composite Asset":
 			return True
 
 		purchase_document = self.get_purchase_document()
@@ -924,7 +928,7 @@ class Asset(AccountsController):
 		purchase_document = self.get_purchase_document()
 		fixed_asset_account, cwip_account = self.get_fixed_asset_account(), self.get_cwip_account()
 
-		if (self.is_composite_asset or (purchase_document and self.purchase_amount)) and getdate(
+		if (self.asset_type == "Composite Asset" or (purchase_document and self.purchase_amount)) and getdate(
 			self.available_for_use_date
 		) <= getdate():
 			gl_entries.append(
@@ -964,7 +968,7 @@ class Asset(AccountsController):
 			self.db_set("booked_fixed_asset", 1)
 
 	def check_asset_capitalization_gl_entries(self):
-		if self.is_composite_asset:
+		if self.asset_type == "Composite Asset":
 			result = frappe.db.get_value(
 				"Asset Capitalization",
 				{"target_asset": self.name, "docstatus": 1},
@@ -1395,7 +1399,7 @@ def process_asset_split(existing_asset, split_qty, splitted_asset=None, is_new_a
 
 def set_split_asset_values(asset_doc, scaling_factor, split_qty, existing_asset, is_new_asset):
 	asset_doc.net_purchase_amount = existing_asset.net_purchase_amount * scaling_factor
-	asset_doc.purchase_amount = existing_asset.net_purchase_amount
+	asset_doc.purchase_amount = existing_asset.net_purchase_amount * scaling_factor
 	asset_doc.additional_asset_cost = existing_asset.additional_asset_cost * scaling_factor
 	asset_doc.total_asset_cost = asset_doc.net_purchase_amount + asset_doc.additional_asset_cost
 	asset_doc.opening_accumulated_depreciation = (
diff --git a/erpnext/assets/doctype/asset/depreciation.py b/erpnext/assets/doctype/asset/depreciation.py
index 1e0cfedfbb9..832e3736e7d 100644
--- a/erpnext/assets/doctype/asset/depreciation.py
+++ b/erpnext/assets/doctype/asset/depreciation.py
@@ -786,10 +786,14 @@ def get_disposal_account_and_cost_center(company):
 
 
 @frappe.whitelist()
-def get_value_after_depreciation_on_disposal_date(asset, disposal_date, finance_book=None):
+def get_value_after_depreciation_on_disposal_date(
+	asset: str,
+	disposal_date: str,
+	finance_book: str | None = None,
+) -> float:
 	asset_doc = frappe.get_doc("Asset", asset)
 
-	if asset_doc.is_composite_component:
+	if asset_doc.asset_type == "Composite Component":
 		validate_disposal_date(asset_doc.purchase_date, getdate(disposal_date), "purchase")
 		return flt(asset_doc.value_after_depreciation)
 
diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index 6733a7f89e3..6440fcfad62 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -71,16 +71,16 @@ class TestAsset(AssetSetup):
 		self.assertRaises(frappe.MandatoryError, asset.save)
 
 	def test_pr_or_pi_mandatory_if_not_existing_asset(self):
-		"""Tests if either PI or PR is present if CWIP is enabled and is_existing_asset=0."""
+		"""Tests if either PI or PR is present if CWIP is enabled and asset_type == Existing Asset."""
 
 		asset = create_asset(item_code="Macbook Pro", do_not_save=1)
-		asset.is_existing_asset = 0
+		asset.asset_type = ""
 
 		self.assertRaises(frappe.ValidationError, asset.save)
 
 	def test_available_for_use_date_is_after_purchase_date(self):
 		asset = create_asset(item_code="Macbook Pro", calculate_depreciation=1, do_not_save=1)
-		asset.is_existing_asset = 0
+		asset.asset_type = ""
 		asset.purchase_date = getdate("2021-10-10")
 		asset.available_for_use_date = getdate("2021-10-1")
 
@@ -183,7 +183,7 @@ class TestAsset(AssetSetup):
 		asset.submit()
 
 	def test_is_fixed_asset_set(self):
-		asset = create_asset(is_existing_asset=1)
+		asset = create_asset(asset_type="Existing Asset")
 		doc = frappe.new_doc("Purchase Invoice")
 		doc.company = "_Test Company"
 		doc.supplier = "_Test Supplier"
@@ -710,7 +710,7 @@ class TestAsset(AssetSetup):
 		# create an asset
 		asset = create_asset(
 			item_code="Macbook Pro",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			calculate_depreciation=1,
 			available_for_use_date=purchase_date,
 			purchase_date=purchase_date,
@@ -890,7 +890,7 @@ class TestDepreciationMethods(AssetSetup):
 		asset = create_asset(
 			calculate_depreciation=1,
 			available_for_use_date="2030-06-06",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_number_of_booked_depreciations=2,
 			opening_accumulated_depreciation=47178.08,
 			expected_value_after_useful_life=10000,
@@ -939,7 +939,7 @@ class TestDepreciationMethods(AssetSetup):
 		asset = create_asset(
 			calculate_depreciation=1,
 			available_for_use_date="2030-01-01",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			depreciation_method="Double Declining Balance",
 			opening_number_of_booked_depreciations=1,
 			opening_accumulated_depreciation=50000,
@@ -1680,7 +1680,7 @@ class TestDepreciationBasics(AssetSetup):
 		self.assertEqual(asset.finance_books[0].value_after_depreciation, 100000.0)
 
 	def test_asset_cost_center(self):
-		asset = create_asset(is_existing_asset=1, do_not_save=1)
+		asset = create_asset(asset_type="Existing Asset", do_not_save=1)
 		asset.cost_center = "Main - WP"
 
 		self.assertRaises(frappe.ValidationError, asset.submit)
@@ -1717,7 +1717,7 @@ class TestDepreciationBasics(AssetSetup):
 	def test_manual_depreciation_for_existing_asset(self):
 		asset = create_asset(
 			item_code="Macbook Pro",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			purchase_date="2020-01-30",
 			available_for_use_date="2020-01-30",
 			submit=1,
@@ -1843,7 +1843,7 @@ class TestDepreciationBasics(AssetSetup):
 		# Create composite asset
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset for Split",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 			asset_quantity=2,  # Set quantity > 1 to allow splitting
@@ -1937,9 +1937,7 @@ def create_asset(**args):
 			"available_for_use_date": args.available_for_use_date or "2020-06-06",
 			"location": args.location or "Test Location",
 			"asset_owner": args.asset_owner or "Company",
-			"is_existing_asset": args.is_existing_asset or 1,
-			"is_composite_asset": args.is_composite_asset or 0,
-			"is_composite_component": args.is_composite_component or 0,
+			"asset_type": args.asset_type or "Existing Asset",
 			"asset_quantity": args.get("asset_quantity") or 1,
 			"depr_entry_posting_status": args.depr_entry_posting_status or "",
 		}
@@ -1961,7 +1959,7 @@ def create_asset(**args):
 			},
 		)
 
-	if asset.is_composite_asset:
+	if asset.asset_type == "Composite Asset":
 		asset.net_purchase_amount = 0
 		asset.purchase_amount = 0
 
diff --git a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.js b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.js
index c7f17bc48a3..e3a80db6610 100644
--- a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.js
+++ b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.js
@@ -18,10 +18,7 @@ erpnext.assets.AssetCapitalization = class AssetCapitalization extends erpnext.s
 		this.show_general_ledger();
 		erpnext.toggle_serial_batch_fields(this.frm);
 
-		if (
-			(this.frm.doc.stock_items && this.frm.doc.stock_items.length) ||
-			!this.frm.doc.target_is_fixed_asset
-		) {
+		if (this.frm.doc.stock_items && this.frm.doc.stock_items.length) {
 			this.show_stock_ledger();
 		}
 
@@ -42,7 +39,7 @@ erpnext.assets.AssetCapitalization = class AssetCapitalization extends erpnext.s
 
 		me.frm.set_query("target_asset", function () {
 			return {
-				filters: { is_composite_asset: 1, docstatus: 0 },
+				filters: { asset_type: "Composite Asset", docstatus: 0 },
 			};
 		});
 
@@ -241,10 +238,6 @@ erpnext.assets.AssetCapitalization = class AssetCapitalization extends erpnext.s
 		this.calculate_totals();
 	}
 
-	target_qty() {
-		this.calculate_totals();
-	}
-
 	rate() {
 		this.calculate_totals();
 	}
@@ -486,10 +479,7 @@ erpnext.assets.AssetCapitalization = class AssetCapitalization extends erpnext.s
 			me.frm.doc.stock_items_total + me.frm.doc.asset_items_total + me.frm.doc.service_items_total;
 		me.frm.doc.total_value = flt(me.frm.doc.total_value, precision("total_value"));
 
-		me.frm.doc.target_qty = flt(me.frm.doc.target_qty, precision("target_qty"));
-		me.frm.doc.target_incoming_rate = me.frm.doc.target_qty
-			? me.frm.doc.total_value / flt(me.frm.doc.target_qty)
-			: me.frm.doc.total_value;
+		me.frm.doc.target_incoming_rate = me.frm.doc.total_value;
 
 		me.frm.refresh_fields();
 	}
diff --git a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.json b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.json
index 57642e41472..0fc6b454051 100644
--- a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.json
+++ b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.json
@@ -9,30 +9,33 @@
  "field_order": [
   "title",
   "naming_series",
+  "company",
   "target_asset",
   "target_asset_name",
-  "target_item_code",
-  "finance_book",
-  "target_qty",
   "column_break_9",
-  "company",
+  "finance_book",
   "posting_date",
   "posting_time",
   "set_posting_time",
-  "target_batch_no",
-  "target_serial_no",
+  "target_item_code",
   "amended_from",
-  "target_is_fixed_asset",
-  "target_has_batch_no",
-  "target_has_serial_no",
   "section_break_16",
   "stock_items",
+  "section_break_urtz",
+  "column_break_gqep",
+  "column_break_yvlx",
   "stock_items_total",
   "section_break_26",
   "asset_items",
+  "section_break_arbh",
+  "column_break_boeu",
+  "column_break_qecy",
   "asset_items_total",
   "service_expenses_section",
   "service_items",
+  "section_break_ptna",
+  "column_break_szvh",
+  "column_break_katv",
   "service_items_total",
   "totals_section",
   "total_value",
@@ -55,20 +58,12 @@
    "depends_on": "eval:(doc.target_item_code && !doc.__islocal)",
    "fieldname": "target_item_code",
    "fieldtype": "Link",
+   "hidden": 1,
    "in_standard_filter": 1,
    "label": "Target Item Code",
    "options": "Item",
    "read_only": 1
   },
-  {
-   "default": "0",
-   "fetch_from": "target_item_code.is_fixed_asset",
-   "fieldname": "target_is_fixed_asset",
-   "fieldtype": "Check",
-   "hidden": 1,
-   "label": "Target Is Fixed Asset",
-   "read_only": 1
-  },
   {
    "fieldname": "target_asset",
    "fieldtype": "Link",
@@ -143,6 +138,7 @@
    "depends_on": "eval:doc.docstatus == 0 || (doc.stock_items && doc.stock_items.length)",
    "fieldname": "section_break_16",
    "fieldtype": "Section Break",
+   "hide_border": 1,
    "label": "Consumed Stock Items"
   },
   {
@@ -151,49 +147,11 @@
    "label": "Stock Items",
    "options": "Asset Capitalization Stock Item"
   },
-  {
-   "depends_on": "target_has_batch_no",
-   "fieldname": "target_batch_no",
-   "fieldtype": "Link",
-   "label": "Target Batch No",
-   "options": "Batch"
-  },
-  {
-   "default": "1",
-   "fieldname": "target_qty",
-   "fieldtype": "Float",
-   "hidden": 1,
-   "label": "Target Qty",
-   "read_only": 1
-  },
-  {
-   "default": "0",
-   "fetch_from": "target_item_code.has_batch_no",
-   "fieldname": "target_has_batch_no",
-   "fieldtype": "Check",
-   "hidden": 1,
-   "label": "Target Has Batch No",
-   "read_only": 1
-  },
-  {
-   "default": "0",
-   "fetch_from": "target_item_code.has_serial_no",
-   "fieldname": "target_has_serial_no",
-   "fieldtype": "Check",
-   "hidden": 1,
-   "label": "Target Has Serial No",
-   "read_only": 1
-  },
-  {
-   "depends_on": "target_has_serial_no",
-   "fieldname": "target_serial_no",
-   "fieldtype": "Small Text",
-   "label": "Target Serial No"
-  },
   {
    "depends_on": "eval:doc.docstatus == 0 || (doc.asset_items && doc.asset_items.length)",
    "fieldname": "section_break_26",
    "fieldtype": "Section Break",
+   "hide_border": 1,
    "label": "Consumed Assets"
   },
   {
@@ -203,6 +161,7 @@
    "options": "Asset Capitalization Asset Item"
   },
   {
+   "depends_on": "eval: doc.stock_items_total",
    "fieldname": "stock_items_total",
    "fieldtype": "Currency",
    "label": "Consumed Stock Total Value",
@@ -210,6 +169,7 @@
    "read_only": 1
   },
   {
+   "depends_on": "eval: doc.asset_items_total",
    "fieldname": "asset_items_total",
    "fieldtype": "Currency",
    "label": "Consumed Asset Total Value",
@@ -226,6 +186,7 @@
    "depends_on": "eval:doc.docstatus == 0 || (doc.service_items && doc.service_items.length)",
    "fieldname": "service_expenses_section",
    "fieldtype": "Section Break",
+   "hide_border": 1,
    "label": "Service Expenses"
   },
   {
@@ -235,6 +196,7 @@
    "options": "Asset Capitalization Service Item"
   },
   {
+   "depends_on": "eval: doc.service_items_total",
    "fieldname": "service_items_total",
    "fieldtype": "Currency",
    "label": "Service Expense Total Amount",
@@ -277,10 +239,10 @@
    "options": "Cost Center"
   },
   {
-    "fieldname": "project",
-    "fieldtype": "Link",
-    "label": "Project",
-    "options": "Project"
+   "fieldname": "project",
+   "fieldtype": "Link",
+   "label": "Project",
+   "options": "Project"
   },
   {
    "fieldname": "dimension_col_break",
@@ -292,12 +254,48 @@
    "label": "Target Fixed Asset Account",
    "options": "Account",
    "read_only": 1
+  },
+  {
+   "fieldname": "section_break_urtz",
+   "fieldtype": "Section Break"
+  },
+  {
+   "fieldname": "column_break_gqep",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "column_break_yvlx",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "section_break_arbh",
+   "fieldtype": "Section Break"
+  },
+  {
+   "fieldname": "column_break_boeu",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "column_break_qecy",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "section_break_ptna",
+   "fieldtype": "Section Break"
+  },
+  {
+   "fieldname": "column_break_szvh",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "column_break_katv",
+   "fieldtype": "Column Break"
   }
  ],
  "index_web_pages_for_search": 1,
  "is_submittable": 1,
  "links": [],
- "modified": "2025-05-20 15:15:12.110035",
+ "modified": "2026-02-06 01:52:41.890713",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset Capitalization",
diff --git a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.py b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.py
index 7b9369d7390..0894bad2d3d 100644
--- a/erpnext/assets/doctype/asset_capitalization/asset_capitalization.py
+++ b/erpnext/assets/doctype/asset_capitalization/asset_capitalization.py
@@ -39,9 +39,6 @@ force_fields = [
 	"target_asset_name",
 	"item_name",
 	"asset_name",
-	"target_is_fixed_asset",
-	"target_has_serial_no",
-	"target_has_batch_no",
 	"stock_uom",
 	"fixed_asset_account",
 	"valuation_rate",
@@ -76,6 +73,7 @@ class AssetCapitalization(StockController):
 		naming_series: DF.Literal["ACC-ASC-.YYYY.-"]
 		posting_date: DF.Date
 		posting_time: DF.Time
+		project: DF.Link | None
 		service_items: DF.Table[AssetCapitalizationServiceItem]
 		service_items_total: DF.Currency
 		set_posting_time: DF.Check
@@ -83,15 +81,9 @@ class AssetCapitalization(StockController):
 		stock_items_total: DF.Currency
 		target_asset: DF.Link | None
 		target_asset_name: DF.Data | None
-		target_batch_no: DF.Link | None
 		target_fixed_asset_account: DF.Link | None
-		target_has_batch_no: DF.Check
-		target_has_serial_no: DF.Check
 		target_incoming_rate: DF.Currency
-		target_is_fixed_asset: DF.Check
 		target_item_code: DF.Link | None
-		target_qty: DF.Float
-		target_serial_no: DF.SmallText | None
 		title: DF.Data | None
 		total_value: DF.Currency
 	# end: auto-generated types
@@ -190,22 +182,13 @@ class AssetCapitalization(StockController):
 		if not target_item.is_fixed_asset:
 			frappe.throw(_("Target Item {0} must be a Fixed Asset item").format(target_item.name))
 
-		if target_item.is_fixed_asset:
-			self.target_qty = 1
-		if flt(self.target_qty) <= 0:
-			frappe.throw(_("Target Qty must be a positive number"))
-		if not target_item.has_batch_no:
-			self.target_batch_no = None
-		if not target_item.has_serial_no:
-			self.target_serial_no = ""
-
 		self.validate_item(target_item)
 
 	def validate_target_asset(self):
 		if self.target_asset:
 			target_asset = self.get_asset_for_validation(self.target_asset)
 
-			if not target_asset.is_composite_asset:
+			if not target_asset.asset_type == "Composite Asset":
 				frappe.throw(_("Target Asset {0} needs to be composite asset").format(target_asset.name))
 
 			if target_asset.item_code != self.target_item_code:
@@ -314,7 +297,7 @@ class AssetCapitalization(StockController):
 		return frappe.db.get_value(
 			"Asset",
 			asset,
-			["name", "item_code", "company", "status", "docstatus", "is_composite_asset"],
+			["name", "item_code", "company", "status", "docstatus", "asset_type"],
 			as_dict=1,
 		)
 
@@ -380,8 +363,7 @@ class AssetCapitalization(StockController):
 		self.total_value = self.stock_items_total + self.asset_items_total + self.service_items_total
 		self.total_value = flt(self.total_value, self.precision("total_value"))
 
-		self.target_qty = flt(self.target_qty, self.precision("target_qty"))
-		self.target_incoming_rate = self.total_value / self.target_qty
+		self.target_incoming_rate = self.total_value
 
 	def update_stock_ledger(self):
 		sl_entries = []
@@ -489,7 +471,7 @@ class AssetCapitalization(StockController):
 		for item in self.asset_items:
 			asset = frappe.get_doc("Asset", item.asset)
 
-			if not asset.is_composite_component:
+			if asset.asset_type != "Composite Component":
 				if asset.calculate_depreciation:
 					notes = _(
 						"This schedule was created when Asset {0} was consumed through Asset Capitalization {1}."
@@ -542,30 +524,29 @@ class AssetCapitalization(StockController):
 	def get_composite_component_value(self):
 		composite_component_value = 0
 		for item in self.asset_items:
-			asset = frappe.db.get_value("Asset", item.asset, ["is_composite_component"], as_dict=True)
-			if asset and asset.is_composite_component:
+			asset = frappe.db.get_value("Asset", item.asset, ["asset_type"], as_dict=True)
+			if asset and asset.asset_type == "Composite Component":
 				composite_component_value += flt(item.asset_value, item.precision("asset_value"))
 		return composite_component_value
 
 	def get_gl_entries_for_target_item(
 		self, gl_entries, target_account, target_against, precision, composite_component_value
 	):
-		if self.target_is_fixed_asset:
-			total_value = flt(self.total_value - composite_component_value, precision)
-			if total_value:
-				# Capitalization
-				gl_entries.append(
-					self.get_gl_dict(
-						{
-							"account": target_account,
-							"against": ", ".join(target_against),
-							"remarks": self.get("remarks") or _("Accounting Entry for Asset"),
-							"debit": total_value,
-							"cost_center": self.get("cost_center"),
-						},
-						item=self,
-					)
+		total_value = flt(self.total_value - composite_component_value, precision)
+		if total_value:
+			# Capitalization
+			gl_entries.append(
+				self.get_gl_dict(
+					{
+						"account": target_account,
+						"against": ", ".join(target_against),
+						"remarks": self.get("remarks") or _("Accounting Entry for Asset"),
+						"debit": total_value,
+						"cost_center": self.get("cost_center"),
+					},
+					item=self,
 				)
+			)
 
 	def update_target_asset(self):
 		total_target_asset_value = flt(self.total_value, self.precision("total_value"))
@@ -611,14 +592,13 @@ class AssetCapitalization(StockController):
 
 	def set_consumed_asset_status(self, asset):
 		if self.docstatus == 1:
-			if self.target_is_fixed_asset:
-				asset.set_status("Capitalized")
-				add_asset_activity(
-					asset.name,
-					_("Asset capitalized after Asset Capitalization {0} was submitted").format(
-						get_link_to_form("Asset Capitalization", self.name)
-					),
-				)
+			asset.set_status("Capitalized")
+			add_asset_activity(
+				asset.name,
+				_("Asset capitalized after Asset Capitalization {0} was submitted").format(
+					get_link_to_form("Asset Capitalization", self.name)
+				),
+			)
 		else:
 			asset.set_status()
 			add_asset_activity(
@@ -630,7 +610,7 @@ class AssetCapitalization(StockController):
 
 
 @frappe.whitelist()
-def get_target_item_details(item_code=None, company=None):
+def get_target_item_details(item_code: str | None = None, company: str | None = None) -> frappe._dict:
 	out = frappe._dict()
 
 	# Get Item Details
@@ -640,17 +620,6 @@ def get_target_item_details(item_code=None, company=None):
 
 	# Set Item Details
 	out.target_item_name = item.item_name
-	out.target_is_fixed_asset = cint(item.is_fixed_asset)
-	out.target_has_batch_no = cint(item.has_batch_no)
-	out.target_has_serial_no = cint(item.has_serial_no)
-
-	if out.target_is_fixed_asset:
-		out.target_qty = 1
-
-	if not out.target_has_batch_no:
-		out.target_batch_no = None
-	if not out.target_has_serial_no:
-		out.target_serial_no = ""
 
 	# Cost Center
 	item_defaults = get_item_defaults(item.name, company)
@@ -667,7 +636,7 @@ def get_target_item_details(item_code=None, company=None):
 
 
 @frappe.whitelist()
-def get_target_asset_details(asset=None, company=None):
+def get_target_asset_details(asset: str | None = None, company: str | None = None) -> frappe._dict:
 	out = frappe._dict()
 
 	# Get Asset Details
diff --git a/erpnext/assets/doctype/asset_capitalization/test_asset_capitalization.py b/erpnext/assets/doctype/asset_capitalization/test_asset_capitalization.py
index c87fff0b73e..914b87b728f 100644
--- a/erpnext/assets/doctype/asset_capitalization/test_asset_capitalization.py
+++ b/erpnext/assets/doctype/asset_capitalization/test_asset_capitalization.py
@@ -10,12 +10,14 @@ from erpnext.assets.doctype.asset.depreciation import post_depreciation_entries
 from erpnext.assets.doctype.asset.test_asset import (
 	create_asset,
 	create_asset_data,
+	create_fixed_asset_item,
 	set_depreciation_settings_in_company,
 )
 from erpnext.assets.doctype.asset_depreciation_schedule.asset_depreciation_schedule import (
 	get_asset_depr_schedule_doc,
 )
 from erpnext.stock.doctype.item.test_item import create_item
+from erpnext.stock.doctype.purchase_receipt.test_purchase_receipt import make_purchase_receipt
 from erpnext.stock.doctype.serial_and_batch_bundle.test_serial_and_batch_bundle import (
 	make_serial_batch_bundle,
 )
@@ -61,7 +63,7 @@ class TestAssetCapitalization(IntegrationTestCase):
 
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 		)
@@ -81,7 +83,6 @@ class TestAssetCapitalization(IntegrationTestCase):
 		)
 
 		# Test Asset Capitalization values
-		self.assertEqual(asset_capitalization.target_qty, 1)
 
 		self.assertEqual(asset_capitalization.stock_items[0].valuation_rate, stock_rate)
 		self.assertEqual(asset_capitalization.stock_items[0].amount, stock_amount)
@@ -156,7 +157,7 @@ class TestAssetCapitalization(IntegrationTestCase):
 
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 		)
@@ -176,8 +177,6 @@ class TestAssetCapitalization(IntegrationTestCase):
 		)
 
 		# Test Asset Capitalization values
-		self.assertEqual(asset_capitalization.target_qty, 1)
-
 		self.assertEqual(asset_capitalization.stock_items[0].valuation_rate, stock_rate)
 		self.assertEqual(asset_capitalization.stock_items[0].amount, stock_amount)
 		self.assertEqual(asset_capitalization.stock_items_total, stock_amount)
@@ -245,7 +244,7 @@ class TestAssetCapitalization(IntegrationTestCase):
 
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 		)
@@ -262,8 +261,6 @@ class TestAssetCapitalization(IntegrationTestCase):
 		)
 
 		# Test Asset Capitalization values
-		self.assertEqual(asset_capitalization.target_qty, 1)
-
 		self.assertEqual(asset_capitalization.stock_items[0].valuation_rate, stock_rate)
 		self.assertEqual(asset_capitalization.stock_items[0].amount, stock_amount)
 		self.assertEqual(asset_capitalization.stock_items_total, stock_amount)
@@ -313,7 +310,7 @@ class TestAssetCapitalization(IntegrationTestCase):
 
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 		)
@@ -361,33 +358,45 @@ class TestAssetCapitalization(IntegrationTestCase):
 
 		wip_composite_asset = create_asset(
 			asset_name="Asset Capitalization WIP Composite Asset",
-			is_composite_asset=1,
+			asset_type="Composite Asset",
 			warehouse="Stores - TCP1",
 			company=company,
 		)
 
 		consumed_asset_value = 100000
 
-		consumed_asset = create_asset(
-			asset_name="Asset Capitalization Consumable Asset",
-			asset_value=consumed_asset_value,
-			submit=1,
-			warehouse="Stores - _TC",
-			is_composite_component=1,
+		item = create_fixed_asset_item("Asset Capitalization Consumable Asset")
+
+		pr = make_purchase_receipt(
+			item_code=item.item_code,
+			qty=1,
+			rate=consumed_asset_value,
 			company=company,
+			warehouse="Stores - TCP1",
 		)
+		consumed_asset_name = frappe.db.get_value("Asset", {"purchase_receipt": pr.name}, "name")
+		consumed_asset_doc = frappe.get_doc("Asset", consumed_asset_name)
+
+		consumed_asset_doc.update(
+			{
+				"asset_type": "Composite Component",
+				"purchase_date": pr.posting_date,
+				"available_for_use_date": pr.posting_date,
+			}
+		)
+		consumed_asset_doc.save()
+		consumed_asset_doc.submit()
 
 		# Create and submit Asset Captitalization
 		asset_capitalization = create_asset_capitalization(
 			target_asset=wip_composite_asset.name,
 			target_asset_location="Test Location",
-			consumed_asset=consumed_asset.name,
+			consumed_asset=consumed_asset_doc.name,
 			company=company,
 			submit=1,
 		)
 
 		# Test Asset Capitalization values
-		self.assertEqual(asset_capitalization.target_qty, 1)
 		self.assertEqual(asset_capitalization.asset_items[0].asset_value, consumed_asset_value)
 
 		actual_gle = get_actual_gle_dict(asset_capitalization.name)
@@ -421,9 +430,6 @@ def create_asset_capitalization(**args):
 			"target_item_code": target_item_code,
 			"target_asset": target_asset.name,
 			"target_asset_location": "Test Location",
-			"target_qty": flt(args.target_qty) or 1,
-			"target_batch_no": args.target_batch_no,
-			"target_serial_no": args.target_serial_no,
 			"finance_book": args.finance_book,
 		}
 	)
@@ -516,7 +522,7 @@ def create_depreciation_asset(**args):
 	args = frappe._dict(args)
 
 	asset = frappe.new_doc("Asset")
-	asset.is_existing_asset = 1
+	asset.asset_type = args.asset_type or "Existing Asset"
 	asset.calculate_depreciation = 1
 	asset.asset_owner = "Company"
 
diff --git a/erpnext/assets/doctype/asset_depreciation_schedule/test_asset_depreciation_schedule.py b/erpnext/assets/doctype/asset_depreciation_schedule/test_asset_depreciation_schedule.py
index 2cca15a89f7..824c7cbba1f 100644
--- a/erpnext/assets/doctype/asset_depreciation_schedule/test_asset_depreciation_schedule.py
+++ b/erpnext/assets/doctype/asset_depreciation_schedule/test_asset_depreciation_schedule.py
@@ -87,7 +87,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			calculate_depreciation=1,
 			depreciation_method="Straight Line",
 			available_for_use_date="2023-10-10",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_number_of_booked_depreciations=9,
 			opening_accumulated_depreciation=265,
 			depreciation_start_date="2024-07-31",
@@ -127,7 +127,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			calculate_depreciation=1,
 			depreciation_method="Straight Line",
 			available_for_use_date="2023-10-10",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_number_of_booked_depreciations=9,
 			opening_accumulated_depreciation=265.30,
 			depreciation_start_date="2024-07-31",
@@ -165,7 +165,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			calculate_depreciation=1,
 			depreciation_method="Straight Line",
 			available_for_use_date="2023-11-01",
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_number_of_booked_depreciations=4,
 			opening_accumulated_depreciation=223.15,
 			depreciation_start_date="2024-12-31",
@@ -529,7 +529,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			depreciation_start_date="2023-03-31",
 			frequency_of_depreciation=1,
 			total_number_of_depreciations=12,
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_accumulated_depreciation=64.52,
 			opening_number_of_booked_depreciations=2,
 			submit=1,
@@ -851,7 +851,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			depreciation_start_date="2023-03-31",
 			frequency_of_depreciation=1,
 			total_number_of_depreciations=12,
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			opening_accumulated_depreciation=64.52,
 			opening_number_of_booked_depreciations=2,
 			submit=1,
@@ -925,7 +925,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			depreciation_start_date="2021-12-31",
 			frequency_of_depreciation=12,
 			total_number_of_depreciations=3,
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			submit=1,
 		)
 		post_depreciation_entries(date="2021-12-31")
@@ -1014,7 +1014,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			depreciation_start_date="2021-12-31",
 			frequency_of_depreciation=12,
 			total_number_of_depreciations=3,
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			submit=1,
 		)
 		post_depreciation_entries(date="2021-12-31")
@@ -1093,7 +1093,7 @@ class TestAssetDepreciationSchedule(IntegrationTestCase):
 			rate_of_depreciation=50,
 			frequency_of_depreciation=12,
 			total_number_of_depreciations=3,
-			is_existing_asset=1,
+			asset_type="Existing Asset",
 			submit=1,
 		)
 		post_depreciation_entries(date="2021-12-31")
diff --git a/erpnext/assets/doctype/asset_repair/asset_repair.json b/erpnext/assets/doctype/asset_repair/asset_repair.json
index b840b5a56b3..71b9469cfbd 100644
--- a/erpnext/assets/doctype/asset_repair/asset_repair.json
+++ b/erpnext/assets/doctype/asset_repair/asset_repair.json
@@ -9,9 +9,9 @@
  "engine": "InnoDB",
  "field_order": [
   "naming_series",
+  "company",
   "asset",
   "asset_name",
-  "company",
   "column_break_2",
   "repair_status",
   "failure_date",
@@ -28,10 +28,6 @@
   "column_break_ajbh",
   "column_break_hkem",
   "repair_cost",
-  "accounting_dimensions_section",
-  "cost_center",
-  "column_break_14",
-  "project",
   "stock_consumption_details_section",
   "stock_items",
   "section_break_ltbb",
@@ -43,7 +39,12 @@
   "capitalize_repair_cost",
   "increase_in_asset_life",
   "column_break_xebe",
-  "total_repair_cost"
+  "total_repair_cost",
+  "accounting_dimensions_section",
+  "cost_center",
+  "column_break_14",
+  "project",
+  "connection_tab"
  ],
  "fields": [
   {
@@ -149,8 +150,7 @@
   {
    "fieldname": "accounting_details",
    "fieldtype": "Section Break",
-   "hide_border": 1,
-   "label": "Repair Purchase Invoices"
+   "hide_border": 1
   },
   {
    "fieldname": "stock_items",
@@ -206,6 +206,7 @@
   {
    "fieldname": "invoices",
    "fieldtype": "Table",
+   "label": "Repair Purchase Invoices",
    "mandatory_depends_on": "eval: doc.repair_status == 'Completed' && doc.repair_cost > 0;",
    "no_copy": 1,
    "options": "Asset Repair Purchase Invoice"
@@ -244,6 +245,7 @@
    "fieldtype": "Column Break"
   },
   {
+   "depends_on": "eval: doc.consumed_items_cost",
    "fieldname": "consumed_items_cost",
    "fieldtype": "Currency",
    "label": "Consumed Items Cost"
@@ -256,7 +258,13 @@
    "depends_on": "capitalize_repair_cost",
    "fieldname": "accounting_dimensions_section",
    "fieldtype": "Section Break",
-   "label": "Accounting Dimensions"
+   "label": "Accounting Dimension"
+  },
+  {
+   "fieldname": "connection_tab",
+   "fieldtype": "Tab Break",
+   "label": "Connection",
+   "show_dashboard": 1
   }
  ],
  "index_web_pages_for_search": 1,
@@ -267,7 +275,7 @@
    "link_fieldname": "asset_repair"
   }
  ],
- "modified": "2026-01-06 15:48:13.862505",
+ "modified": "2026-02-06 14:57:54.257572",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset Repair",
diff --git a/erpnext/assets/doctype/asset_repair/test_asset_repair.py b/erpnext/assets/doctype/asset_repair/test_asset_repair.py
index d085a4c6e4b..c56622d6665 100644
--- a/erpnext/assets/doctype/asset_repair/test_asset_repair.py
+++ b/erpnext/assets/doctype/asset_repair/test_asset_repair.py
@@ -360,7 +360,7 @@ class TestAssetRepair(IntegrationTestCase):
 		self.assertEqual(stock_entry.asset_repair, asset_repair.name)
 
 	def test_gl_entries_with_capitalized_asset_repair(self):
-		asset = create_asset(is_existing_asset=1, calculate_depreciation=1, submit=1)
+		asset = create_asset(asset_type="Existing Asset", calculate_depreciation=1, submit=1)
 		asset_repair = create_asset_repair(
 			asset=asset, capitalize_repair_cost=1, item="_Test Non Stock Item", submit=1
 		)
@@ -400,7 +400,7 @@ def create_asset_repair(**args):
 	if args.asset:
 		asset = args.asset
 	else:
-		asset = create_asset(is_existing_asset=1, submit=1, company=args.company)
+		asset = create_asset(asset_type=args.asset_type or "Existing Asset", submit=1, company=args.company)
 	asset_repair = frappe.new_doc("Asset Repair")
 	asset_repair.update(
 		{
diff --git a/erpnext/assets/report/fixed_asset_register/fixed_asset_register.py b/erpnext/assets/report/fixed_asset_register/fixed_asset_register.py
index 2103379df93..44bf59fc3ea 100644
--- a/erpnext/assets/report/fixed_asset_register/fixed_asset_register.py
+++ b/erpnext/assets/report/fixed_asset_register/fixed_asset_register.py
@@ -144,7 +144,7 @@ def get_conditions(filters):
 		conditions[date_field] = ["between", [filters.year_start_date, filters.year_end_date]]
 
 	if filters.get("only_existing_assets"):
-		conditions["is_existing_asset"] = filters.get("only_existing_assets")
+		conditions["asset_type"] = "Existing Asset"
 	if filters.get("asset_category"):
 		conditions["asset_category"] = filters.get("asset_category")
 	if filters.get("cost_center"):
@@ -274,7 +274,7 @@ def get_asset_depreciation_amount_map(filters, finance_book):
 	)
 
 	if filters.only_existing_assets:
-		query = query.where(asset.is_existing_asset == 1)
+		query = query.where(asset.asset_type == "Existing Asset")
 	if filters.asset_category:
 		query = query.where(asset.asset_category == filters.asset_category)
 	if filters.cost_center:
@@ -325,7 +325,7 @@ def get_asset_value_adjustment_map(filters, finance_book):
 	)
 
 	if filters.only_existing_assets:
-		query = query.where(asset.is_existing_asset == 1)
+		query = query.where(asset.asset_type == "Existing Asset")
 	if filters.asset_category:
 		query = query.where(asset.asset_category == filters.asset_category)
 	if filters.cost_center:
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index dfff6af431a..f032876824f 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -468,5 +468,6 @@ erpnext.patches.v15_0.replace_http_with_https_in_sales_partner
 erpnext.patches.v15_0.delete_quotation_lost_record_detail
 erpnext.patches.v16_0.add_portal_redirects
 erpnext.patches.v16_0.complete_onboarding_steps_for_older_sites #2
+erpnext.patches.v16_0.migrate_asset_type_checkboxes_to_select
 erpnext.patches.v16_0.update_order_qty_and_requested_qty_based_on_mr_and_po
 erpnext.patches.v16_0.enable_serial_batch_setting
diff --git a/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py b/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py
new file mode 100644
index 00000000000..11f341ce65a
--- /dev/null
+++ b/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py
@@ -0,0 +1,25 @@
+import frappe
+from frappe.query_builder import Case
+
+
+def execute():
+	required_columns = [
+		"is_existing_asset",
+		"is_composite_asset",
+		"is_composite_component",
+	]
+
+	# Skip patch if any required column is missing
+	if not all(frappe.db.has_column("Asset", col) for col in required_columns):
+		return
+
+	Asset = frappe.qb.DocType("Asset")
+
+	frappe.qb.update(Asset).set(
+		Asset.asset_type,
+		Case()
+		.when(Asset.is_existing_asset == 1, "Existing Asset")
+		.when(Asset.is_composite_asset == 1, "Composite Asset")
+		.when(Asset.is_composite_component == 1, "Composite Component")
+		.else_(""),
+	).run()