diff --git a/erpnext/assets/doctype/asset/asset.js b/erpnext/assets/doctype/asset/asset.js
index bc75afd462d..e32d98fd07b 100644
--- a/erpnext/assets/doctype/asset/asset.js
+++ b/erpnext/assets/doctype/asset/asset.js
@@ -802,15 +802,33 @@ frappe.ui.form.on("Asset Finance Book", {
 });
 
 erpnext.asset.scrap_asset = function (frm) {
-	frappe.confirm(__("Do you really want to scrap this asset?"), function () {
-		frappe.call({
-			args: {
-				asset_name: frm.doc.name,
+	var scrap_dialog = new frappe.ui.Dialog({
+		title: __("Enter date to scrap asset"),
+		fields: [
+			{
+				label: __("Select the date"),
+				fieldname: "scrap_date",
+				fieldtype: "Date",
+				reqd: 1,
 			},
-			method: "erpnext.assets.doctype.asset.depreciation.scrap_asset",
-			callback: (r) => frm.reload_doc(),
-		});
+		],
+		size: "medium",
+		primary_action_label: "Submit",
+		primary_action(values) {
+			frappe.call({
+				args: {
+					asset_name: frm.doc.name,
+					scrap_date: values.scrap_date,
+				},
+				method: "erpnext.assets.doctype.asset.depreciation.scrap_asset",
+				callback: function (r) {
+					frm.reload_doc();
+					scrap_dialog.hide();
+				},
+			});
+		},
 	});
+	scrap_dialog.show();
 };
 
 erpnext.asset.restore_asset = function (frm) {
diff --git a/erpnext/assets/doctype/asset/depreciation.py b/erpnext/assets/doctype/asset/depreciation.py
index f06abaa1202..5bf0386d3a3 100644
--- a/erpnext/assets/doctype/asset/depreciation.py
+++ b/erpnext/assets/doctype/asset/depreciation.py
@@ -431,7 +431,7 @@ def get_comma_separated_links(names, doctype):
 
 
 @frappe.whitelist()
-def scrap_asset(asset_name):
+def scrap_asset(asset_name, scrap_date=None):
 	asset = frappe.get_doc("Asset", asset_name)
 
 	if asset.docstatus != 1:
@@ -439,7 +439,11 @@ def scrap_asset(asset_name):
 	elif asset.status in ("Cancelled", "Sold", "Scrapped", "Capitalized", "Decapitalized"):
 		frappe.throw(_("Asset {0} cannot be scrapped, as it is already {1}").format(asset.name, asset.status))
 
-	date = today()
+	today_date = getdate(today())
+	date = getdate(scrap_date) or today_date
+	purchase_date = getdate(asset.purchase_date)
+
+	validate_scrap_date(date, today_date, purchase_date, asset.calculate_depreciation, asset_name)
 
 	notes = _("This schedule was created when Asset {0} was scrapped.").format(
 		get_link_to_form(asset.doctype, asset.name)
@@ -473,6 +477,36 @@ def scrap_asset(asset_name):
 	frappe.msgprint(_("Asset scrapped via Journal Entry {0}").format(je.name))
 
 
+def validate_scrap_date(scrap_date, today_date, purchase_date, calculate_depreciation, asset_name):
+	if scrap_date > today_date:
+		frappe.throw(_("Future date is not allowed"))
+	elif scrap_date < purchase_date:
+		frappe.throw(_("Scrap date cannot be before purchase date"))
+
+	if calculate_depreciation:
+		asset_depreciation_schedules = frappe.db.get_all(
+			"Asset Depreciation Schedule", filters={"asset": asset_name, "docstatus": 1}, fields=["name"]
+		)
+
+		for depreciation_schedule in asset_depreciation_schedules:
+			last_booked_depreciation_date = frappe.db.get_value(
+				"Depreciation Schedule",
+				{
+					"parent": depreciation_schedule["name"],
+					"docstatus": 1,
+					"journal_entry": ["!=", ""],
+				},
+				"schedule_date",
+				order_by="schedule_date desc",
+			)
+			if (
+				last_booked_depreciation_date
+				and scrap_date < last_booked_depreciation_date
+				and scrap_date > purchase_date
+			):
+				frappe.throw(_("Asset cannot be scrapped before the last depreciation entry."))
+
+
 @frappe.whitelist()
 def restore_asset(asset_name):
 	asset = frappe.get_doc("Asset", asset_name)
diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index a4e192d65aa..4271540c33b 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -15,6 +15,7 @@ from frappe.utils import (
 	is_last_day_of_the_month,
 	nowdate,
 )
+from frappe.utils.data import add_to_date
 
 from erpnext.accounts.doctype.journal_entry.test_journal_entry import make_journal_entry
 from erpnext.accounts.doctype.purchase_invoice.test_purchase_invoice import make_purchase_invoice
@@ -219,6 +220,31 @@ class TestAsset(AssetSetup):
 		)
 		self.assertEqual(accumulated_depr_amount, 18000.0)
 
+		asset_depreciation = frappe.db.get_value(
+			"Asset Depreciation Schedule", {"asset": asset.name, "docstatus": 1}, "name"
+		)
+		last_booked_depreciation_date = frappe.db.get_value(
+			"Depreciation Schedule",
+			{
+				"parent": asset_depreciation,
+				"docstatus": 1,
+				"journal_entry": ["!=", ""],
+			},
+			"schedule_date",
+			order_by="schedule_date desc",
+		)
+
+		before_purchase_date = add_to_date(asset.purchase_date, days=-1)
+		future_date = add_to_date(nowdate(), days=1)
+		if last_booked_depreciation_date:
+			before_last_booked_depreciation_date = add_to_date(last_booked_depreciation_date, days=-1)
+
+		self.assertRaises(frappe.ValidationError, scrap_asset, asset.name, scrap_date=before_purchase_date)
+		self.assertRaises(frappe.ValidationError, scrap_asset, asset.name, scrap_date=future_date)
+		self.assertRaises(
+			frappe.ValidationError, scrap_asset, asset.name, scrap_date=before_last_booked_depreciation_date
+		)
+
 		scrap_asset(asset.name)
 		asset.load_from_db()
 		first_asset_depr_schedule.load_from_db()