diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index a57a3e281d3..b2ed5add784 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -37,6 +37,7 @@ class Asset(AccountsController):
 		self.validate_asset_values()
 		self.validate_asset_and_reference()
 		self.validate_item()
+		self.validate_cost_center()
 		self.set_missing_values()
 		self.prepare_depreciation_data()
 		self.validate_gross_and_purchase_amount()
@@ -96,6 +97,19 @@ class Asset(AccountsController):
 		elif item.is_stock_item:
 			frappe.throw(_("Item {0} must be a non-stock item").format(self.item_code))
 
+	def validate_cost_center(self):
+		if not self.cost_center: return
+
+		cost_center_company = frappe.db.get_value('Cost Center', self.cost_center, 'company')
+		if cost_center_company != self.company:
+			frappe.throw(
+				_("Selected Cost Center {} doesn't belongs to {}").format(
+					frappe.bold(self.cost_center),
+					frappe.bold(self.company)
+				),
+				title=_("Invalid Cost Center")
+			)
+
 	def validate_in_use_date(self):
 		if not self.available_for_use_date:
 			frappe.throw(_("Available for use date is required"))
diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index ba4dbee72da..23c196675f6 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -1054,6 +1054,39 @@ class TestDepreciationBasics(AssetSetup):
 
 		self.assertEqual(gle, expected_gle)
 		self.assertEqual(asset.get("value_after_depreciation"), 0)
+<<<<<<< HEAD
+=======
+
+	def test_expected_value_change(self):
+		"""
+			tests if changing `expected_value_after_useful_life`
+			affects `value_after_depreciation`
+		"""
+
+		asset = create_asset(calculate_depreciation=1)
+		asset.opening_accumulated_depreciation = 2000
+		asset.number_of_depreciations_booked = 1
+
+		asset.finance_books[0].expected_value_after_useful_life = 100
+		asset.save()
+		asset.reload()
+		self.assertEquals(asset.finance_books[0].value_after_depreciation, 98000.0)
+
+		# changing expected_value_after_useful_life shouldn't affect value_after_depreciation
+		asset.finance_books[0].expected_value_after_useful_life = 200
+		asset.save()
+		asset.reload()
+		self.assertEquals(asset.finance_books[0].value_after_depreciation, 98000.0)
+>>>>>>> 4390adcaa1 (fix: cost center validation of asset)
+
+	def test_asset_cost_center(self):
+		asset = create_asset(is_existing_asset = 1, do_not_save=1)
+		asset.cost_center = "Main - WP"
+
+		self.assertRaises(frappe.ValidationError, asset.submit)
+
+		asset.cost_center = "Main - _TC"
+		asset.submit()
 
 def create_asset_data():
 	if not frappe.db.exists("Asset Category", "Computers"):