diff --git a/erpnext/assets/report/fixed_asset_register/test_fixed_asset_register.py b/erpnext/assets/report/fixed_asset_register/test_fixed_asset_register.py
index d419a839fee..7d2c385da8e 100644
--- a/erpnext/assets/report/fixed_asset_register/test_fixed_asset_register.py
+++ b/erpnext/assets/report/fixed_asset_register/test_fixed_asset_register.py
@@ -3,7 +3,15 @@
 
 import frappe
 
+from erpnext.accounts.doctype.sales_invoice.test_sales_invoice import create_sales_invoice
+from erpnext.assets.doctype.asset.depreciation import post_depreciation_entries
 from erpnext.assets.doctype.asset.test_asset import create_asset, set_depreciation_settings_in_company
+from erpnext.assets.doctype.asset_capitalization.test_asset_capitalization import (
+	create_asset_capitalization,
+)
+from erpnext.assets.doctype.asset_value_adjustment.test_asset_value_adjustment import (
+	make_asset_value_adjustment,
+)
 from erpnext.assets.report.fixed_asset_register.fixed_asset_register import execute
 from erpnext.tests.utils import ERPNextTestSuite
 
@@ -16,6 +24,9 @@ class TestFixedAssetRegister(ERPNextTestSuite):
 		filters = frappe._dict(company="_Test Company", **extra)
 		return execute(filters)[1]
 
+	def report_row(self, asset_name, **extra):
+		return next(row for row in self.run_report(**extra) if row["asset_id"] == asset_name)
+
 	def test_asset_appears_with_purchase_value(self):
 		asset = create_asset(
 			item_code="Macbook Pro", net_purchase_amount=100000, purchase_amount=100000, submit=True
@@ -70,3 +81,71 @@ class TestFixedAssetRegister(ERPNextTestSuite):
 		computers = next(row for row in rows if row["asset_category"] == "Computers")
 		self.assertEqual(computers["net_purchase_amount"], 150000)
 		self.assertEqual(computers["asset_value"], 150000)
+
+	def test_booked_depreciation_reduces_asset_value(self):
+		asset = create_asset(
+			item_code="Macbook Pro",
+			calculate_depreciation=1,
+			available_for_use_date="2019-12-31",
+			depreciation_start_date="2020-12-31",
+			frequency_of_depreciation=12,
+			total_number_of_depreciations=3,
+			expected_value_after_useful_life=10000,
+			net_purchase_amount=100000,
+			purchase_amount=100000,
+			submit=True,
+		)
+
+		# books one depreciation entry of (100000 - 10000) / 3 = 30000
+		post_depreciation_entries(date="2021-01-01")
+
+		row = self.report_row(asset.name)
+		self.assertEqual(row["depreciated_amount"], 30000)
+		self.assertEqual(row["asset_value"], 70000)  # 100000 - 30000
+
+	def test_revaluation_adjusts_asset_value(self):
+		asset = create_asset(
+			item_code="Macbook Pro", net_purchase_amount=100000, purchase_amount=100000, submit=True
+		)
+
+		# revalue the asset upwards by 20000
+		make_asset_value_adjustment(
+			asset=asset.name, current_asset_value=100000, new_asset_value=120000
+		).submit()
+
+		row = self.report_row(asset.name)
+		self.assertEqual(row["asset_value"], 120000)  # 100000 + 20000 revaluation
+
+	def test_sold_asset_hidden_from_in_location_and_shown_in_disposed(self):
+		asset = create_asset(
+			item_code="Macbook Pro", net_purchase_amount=100000, purchase_amount=100000, submit=True
+		)
+
+		create_sales_invoice(item_code="Macbook Pro", asset=asset.name, qty=1, rate=80000)
+		self.assertEqual(frappe.db.get_value("Asset", asset.name, "status"), "Sold")
+
+		self.assertNotIn(asset.name, {row["asset_id"] for row in self.run_report(status="In Location")})
+		self.assertIn(asset.name, {row["asset_id"] for row in self.run_report(status="Disposed")})
+
+	def test_capitalized_asset_hidden_from_in_location_and_shown_in_disposed(self):
+		consumed_asset = create_asset(
+			asset_name="Consumed Asset",
+			net_purchase_amount=100000,
+			purchase_amount=100000,
+			submit=True,
+		)
+		composite_asset = create_asset(
+			asset_name="Composite Asset", asset_type="Composite Asset", submit=False
+		)
+
+		create_asset_capitalization(
+			target_asset=composite_asset.name, consumed_asset=consumed_asset.name, submit=1
+		)
+		self.assertEqual(frappe.db.get_value("Asset", consumed_asset.name, "status"), "Capitalized")
+
+		self.assertNotIn(
+			consumed_asset.name, {row["asset_id"] for row in self.run_report(status="In Location")}
+		)
+		self.assertIn(
+			consumed_asset.name, {row["asset_id"] for row in self.run_report(status="Disposed")}
+		)