diff --git a/erpnext/accounts/doctype/account/account.json b/erpnext/accounts/doctype/account/account.json
index 668164c..de28a59 100644
--- a/erpnext/accounts/doctype/account/account.json
+++ b/erpnext/accounts/doctype/account/account.json
@@ -412,7 +412,7 @@
    "no_copy": 0, 
    "oldfieldname": "account_type", 
    "oldfieldtype": "Select", 
-   "options": "\nAccumulated Depreciation\nBank\nCash\nChargeable\nCost of Goods Sold\nDepreciation\nEquity\nExpense Account\nExpenses Included In Valuation\nFixed Asset\nIncome Account\nPayable\nReceivable\nRound Off\nStock\nStock Adjustment\nStock Received But Not Billed\nTax\nTemporary", 
+   "options": "\nAccumulated Depreciation\nAsset Received But Not Billed\nBank\nCash\nChargeable\nCapital Work in Progress\nCost of Goods Sold\nDepreciation\nEquity\nExpense Account\nExpenses Included In Asset Valuation\nExpenses Included In Valuation\nFixed Asset\nIncome Account\nPayable\nReceivable\nRound Off\nStock\nStock Adjustment\nStock Received But Not Billed\nTax\nTemporary", 
    "permlevel": 0, 
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
@@ -625,7 +625,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 0, 
- "modified": "2018-05-02 11:00:34.108490", 
+ "modified": "2018-05-07 15:37:25.962506", 
  "modified_by": "Administrator", 
  "module": "Accounts", 
  "name": "Account", 
diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index 63b9167..536b4dc 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -3,7 +3,7 @@
  "allow_guest_to_view": 0, 
  "allow_import": 1, 
  "allow_rename": 1, 
- "autoname": "field:asset_name", 
+ "autoname": "naming_series:", 
  "beta": 0, 
  "creation": "2016-03-01 17:01:27.920130", 
  "custom": 0, 
@@ -18,6 +18,39 @@
    "bold": 0, 
    "collapsible": 0, 
    "columns": 0, 
+   "default": "AST", 
+   "fieldname": "naming_series", 
+   "fieldtype": "Select", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Naming Series", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "AST\nAT", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
    "fieldname": "asset_name", 
    "fieldtype": "Data", 
    "hidden": 0, 
@@ -1354,7 +1387,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 0, 
- "modified": "2018-04-19 20:03:13.669957", 
+ "modified": "2018-05-07 15:25:06.456992", 
  "modified_by": "Administrator", 
  "module": "Assets", 
  "name": "Asset", 
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index a9cc924..adcc986 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -10,7 +10,6 @@
 from erpnext.accounts.doctype.purchase_invoice.purchase_invoice import get_fixed_asset_account
 from erpnext.assets.doctype.asset.depreciation \
 	import get_disposal_account_and_cost_center, get_depreciation_accounts
-from erpnext.stock.doctype.serial_no.serial_no import get_serial_nos
 
 class Asset(Document):
 	def validate(self):
@@ -34,9 +33,6 @@
 		self.delete_depreciation_entries()
 		self.set_status()
 
-	def on_update(self):
-		self.update_serial_nos()
-
 	def validate_item(self):
 		item = frappe.db.get_value("Item", self.item_code,
 			["is_fixed_asset", "is_stock_item", "disabled"], as_dict=1)
@@ -258,12 +254,6 @@
 			status = "Cancelled"
 		return status
 
-	def update_serial_nos(self):
-		if self.serial_no:
-			serial_nos = get_serial_nos(self.serial_no)
-			frappe.db.sql(""" update `tabSerial No` set asset = '%s' where
-				name in(%s)"""%(self.name, ','.join(['%s'] * len(serial_nos))), tuple(serial_nos))
-
 	def update_stock_movement(self):
 		asset_movement = frappe.db.get_value('Asset Movement',
 			{'asset': self.name, 'reference_name': self.purchase_receipt, 'docstatus': 0}, 'name')
@@ -282,6 +272,10 @@
 		if frappe.db.exists('Asset Repair', {'asset_name': asset.name, 'repair_status': 'Pending'}):
 			asset.set_status('Out of Order')
 
+def get_asset_naming_series():
+	meta = frappe.get_meta('Asset')
+	return meta.get_field("naming_series").options
+
 @frappe.whitelist()
 def make_purchase_invoice(asset, item_code, gross_purchase_amount, company, posting_date):
 	pi = frappe.new_doc("Purchase Invoice")
diff --git a/erpnext/assets/doctype/location/__init__.py b/erpnext/assets/doctype/location/__init__.py
new file mode 100644
index 0000000..e69de29
--- /dev/null
+++ b/erpnext/assets/doctype/location/__init__.py
diff --git a/erpnext/assets/doctype/location/location.js b/erpnext/assets/doctype/location/location.js
new file mode 100644
index 0000000..c3783df
--- /dev/null
+++ b/erpnext/assets/doctype/location/location.js
@@ -0,0 +1,8 @@
+// Copyright (c) 2018, Frappe Technologies Pvt. Ltd. and contributors
+// For license information, please see license.txt
+
+frappe.ui.form.on('Location', {
+	refresh: function(frm) {
+
+	}
+});
diff --git a/erpnext/assets/doctype/location/location.json b/erpnext/assets/doctype/location/location.json
new file mode 100644
index 0000000..13ef662
--- /dev/null
+++ b/erpnext/assets/doctype/location/location.json
@@ -0,0 +1,213 @@
+{
+ "allow_copy": 0, 
+ "allow_guest_to_view": 0, 
+ "allow_import": 0, 
+ "allow_rename": 0, 
+ "autoname": "field:location_name", 
+ "beta": 0, 
+ "creation": "2018-05-07 12:49:22.595974", 
+ "custom": 0, 
+ "docstatus": 0, 
+ "doctype": "DocType", 
+ "document_type": "", 
+ "editable_grid": 1, 
+ "engine": "InnoDB", 
+ "fields": [
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "fieldname": "location_name", 
+   "fieldtype": "Data", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 1, 
+   "in_standard_filter": 0, 
+   "label": "Location Name", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 1, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "fieldname": "is_group", 
+   "fieldtype": "Check", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Is Group", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "fieldname": "parent_location", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Parent Location", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Location", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 1, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }
+ ], 
+ "has_web_view": 0, 
+ "hide_heading": 0, 
+ "hide_toolbar": 0, 
+ "idx": 0, 
+ "image_view": 0, 
+ "in_create": 0, 
+ "is_submittable": 0, 
+ "issingle": 0, 
+ "istable": 0, 
+ "max_attachments": 0, 
+ "modified": "2018-05-07 12:54:49.527782", 
+ "modified_by": "Administrator", 
+ "module": "Assets", 
+ "name": "Location", 
+ "name_case": "", 
+ "owner": "Administrator", 
+ "permissions": [
+  {
+   "amend": 0, 
+   "cancel": 0, 
+   "create": 1, 
+   "delete": 1, 
+   "email": 1, 
+   "export": 1, 
+   "if_owner": 0, 
+   "import": 0, 
+   "permlevel": 0, 
+   "print": 1, 
+   "read": 1, 
+   "report": 1, 
+   "role": "System Manager", 
+   "set_user_permissions": 0, 
+   "share": 1, 
+   "submit": 0, 
+   "write": 1
+  }, 
+  {
+   "amend": 0, 
+   "cancel": 0, 
+   "create": 1, 
+   "delete": 1, 
+   "email": 1, 
+   "export": 1, 
+   "if_owner": 0, 
+   "import": 0, 
+   "permlevel": 0, 
+   "print": 1, 
+   "read": 1, 
+   "report": 1, 
+   "role": "Stock User", 
+   "set_user_permissions": 0, 
+   "share": 1, 
+   "submit": 0, 
+   "write": 1
+  }, 
+  {
+   "amend": 0, 
+   "cancel": 0, 
+   "create": 1, 
+   "delete": 1, 
+   "email": 1, 
+   "export": 1, 
+   "if_owner": 0, 
+   "import": 0, 
+   "permlevel": 0, 
+   "print": 1, 
+   "read": 1, 
+   "report": 1, 
+   "role": "Accounts User", 
+   "set_user_permissions": 0, 
+   "share": 1, 
+   "submit": 0, 
+   "write": 1
+  }, 
+  {
+   "amend": 0, 
+   "cancel": 0, 
+   "create": 1, 
+   "delete": 1, 
+   "email": 1, 
+   "export": 1, 
+   "if_owner": 0, 
+   "import": 0, 
+   "permlevel": 0, 
+   "print": 1, 
+   "read": 1, 
+   "report": 1, 
+   "role": "Stock Manager", 
+   "set_user_permissions": 0, 
+   "share": 1, 
+   "submit": 0, 
+   "write": 1
+  }
+ ], 
+ "quick_entry": 1, 
+ "read_only": 0, 
+ "read_only_onload": 0, 
+ "show_name_in_global_search": 0, 
+ "sort_field": "modified", 
+ "sort_order": "DESC", 
+ "track_changes": 1, 
+ "track_seen": 0
+}
\ No newline at end of file
diff --git a/erpnext/assets/doctype/location/location.py b/erpnext/assets/doctype/location/location.py
new file mode 100644
index 0000000..2483ca1
--- /dev/null
+++ b/erpnext/assets/doctype/location/location.py
@@ -0,0 +1,10 @@
+# -*- coding: utf-8 -*-
+# Copyright (c) 2018, Frappe Technologies Pvt. Ltd. and contributors
+# For license information, please see license.txt
+
+from __future__ import unicode_literals
+import frappe
+from frappe.model.document import Document
+
+class Location(Document):
+	pass
diff --git a/erpnext/assets/doctype/location/test_location.js b/erpnext/assets/doctype/location/test_location.js
new file mode 100644
index 0000000..236b5c6
--- /dev/null
+++ b/erpnext/assets/doctype/location/test_location.js
@@ -0,0 +1,23 @@
+/* eslint-disable */
+// rename this file from _test_[name] to test_[name] to activate
+// and remove above this line
+
+QUnit.test("test: Location", function (assert) {
+	let done = assert.async();
+
+	// number of asserts
+	assert.expect(1);
+
+	frappe.run_serially([
+		// insert a new Location
+		() => frappe.tests.make('Location', [
+			// values to be set
+			{key: 'value'}
+		]),
+		() => {
+			assert.equal(cur_frm.doc.key, 'value');
+		},
+		() => done()
+	]);
+
+});
diff --git a/erpnext/assets/doctype/location/test_location.py b/erpnext/assets/doctype/location/test_location.py
new file mode 100644
index 0000000..9a46fd9
--- /dev/null
+++ b/erpnext/assets/doctype/location/test_location.py
@@ -0,0 +1,10 @@
+# -*- coding: utf-8 -*-
+# Copyright (c) 2018, Frappe Technologies Pvt. Ltd. and Contributors
+# See license.txt
+from __future__ import unicode_literals
+
+import frappe
+import unittest
+
+class TestLocation(unittest.TestCase):
+	pass
diff --git a/erpnext/config/assets.py b/erpnext/config/assets.py
index 73c1aee..be52246 100644
--- a/erpnext/config/assets.py
+++ b/erpnext/config/assets.py
@@ -16,6 +16,11 @@
 				},
 				{
 					"type": "doctype",
+					"label": _("Asset Location"),
+					"name": "Location",
+				},
+				{
+					"type": "doctype",
 					"name": "Asset Settings",
 				}
 			]
diff --git a/erpnext/controllers/buying_controller.py b/erpnext/controllers/buying_controller.py
index c340901..798eee2 100644
--- a/erpnext/controllers/buying_controller.py
+++ b/erpnext/controllers/buying_controller.py
@@ -441,9 +441,10 @@
 			return
 
 		if self.doctype in ['Purchase Receipt', 'Purchase Invoice']:
-			if self.doctype == 'Purchase Receipt':
-				self.process_fixed_asset()
-			self.update_fixed_asset()
+			field = 'purchase_invoice' if self.doctype == 'Purchase Invoice' else 'purchase_receipt'
+
+			self.process_fixed_asset()
+			self.update_fixed_asset(field)
 
 		update_last_purchase_rate(self, is_submit = 1)
 
@@ -453,12 +454,13 @@
 
 		update_last_purchase_rate(self, is_submit = 0)
 		if self.doctype in ['Purchase Receipt', 'Purchase Invoice']:
-			if self.doctype == 'Purchase Receipt':
-				self.delete_linked_asset()
-			self.update_fixed_asset()
+			field = 'purchase_invoice' if self.doctype == 'Purchase Invoice' else 'purchase_receipt'
+
+			self.delete_linked_asset(field)
+			self.update_fixed_asset(field)
 
 	def process_fixed_asset(self):
-		if not self.doctype in ['Purchase Receipt', 'Purchase Invoice']:
+		if self.doctype == 'Purchase Invoice' and not self.update_stock:
 			return
 
 		asset_items = [d.item_code for d in self.items if d.is_fixed_asset]
@@ -471,6 +473,9 @@
 		for d in self.items:
 			if d.is_fixed_asset:
 				item_data = items_data.get(d.item_code)
+				if not d.asset:
+					asset = self.make_asset(d)
+					d.db_set('asset', asset)
 
 				if item_data.get('has_serial_no'):
 					# If item has serial no
@@ -488,14 +493,11 @@
 						'company': self.company,
 						'actual_qty': d.qty,
 						'purchase_document_type': self.doctype,
-						'purchase_document_no': self.name
+						'purchase_document_no': self.name,
+						'asset': d.asset
 					})
 					d.db_set('serial_no', serial_nos)
 
-				if not d.asset:
-					asset = self.make_asset(d)
-					d.db_set('asset', asset)
-
 				if d.asset:
 					self.make_asset_movement(d)
 
@@ -503,9 +505,9 @@
 		asset = frappe.get_doc({
 			'doctype': 'Asset',
 			'item_code': row.item_code,
-			'asset_name': '{0} - {1}'.format(self.name, row.item_code),
+			'asset_name': row.item_name,
+			'naming_series': frappe.db.get_value('Item', row.item_code, 'asset_naming_series') or 'AST',
 			'warehouse': row.warehouse,
-			'serial_no': row.serial_no,
 			'company': self.company,
 			'purchase_date': self.posting_date,
 			'purchase_receipt': self.name if self.doctype == 'Purchase Receipt' else None,
@@ -535,9 +537,7 @@
 
 		return asset_movement.name
 
-	def update_fixed_asset(self):
-		field = 'purchase_invoice' if self.doctype == 'Purchase Invoice' else 'purchase_receipt'
-
+	def update_fixed_asset(self, field):
 		for d in self.get("items"):
 			if d.is_fixed_asset and d.asset:
 				asset = frappe.get_doc("Asset", d.asset)
@@ -555,13 +555,11 @@
 
 				asset.save()
 
-	def delete_linked_asset(self):
-		if not self.doctype in ['Purchase Receipt', 'Purchase Invoice']:
+	def delete_linked_asset(self, field):
+		if self.doctype == 'Purchase Invoice' and not self.get('update_stock'):
 			return
 
-		if self.doctype == 'Purchase Invoice' and self.get('update_stock'):
-			return
-
+		frappe.db.sql("delete from `tabAsset` where {0} = %s and docstatus = 0".format(field), self.name)
 		frappe.db.sql("delete from `tabAsset Movement` where reference_name=%s and docstatus = 0", self.name)
 		frappe.db.sql("delete from `tabSerial No` where purchase_document_no=%s", self.name)
 
diff --git a/erpnext/setup/doctype/company/company.js b/erpnext/setup/doctype/company/company.js
index d409577..5ca2885 100644
--- a/erpnext/setup/doctype/company/company.js
+++ b/erpnext/setup/doctype/company/company.js
@@ -5,14 +5,6 @@
 
 frappe.ui.form.on("Company", {
 	setup: function(frm) {
-		frm.fields_dict.fixed_asset_account.get_query = function() {
-			return {
-				filters: {
-					account_type: "Fixed Asset",
-					company: frm.doc.name
-				}
-			}
-		}
 		erpnext.company.setup_queries(frm);
 	},
 
@@ -215,6 +207,9 @@
 		["round_off_cost_center", {}],
 		["depreciation_cost_center", {}],
 		["default_employee_advance_account", {"root_type": "Asset"}],
+		["expenses_included_in_asset_valuation", {"account_type": "Expenses Included In Asset Valuation"}],
+		["capital_work_in_progress_account", {"account_type": "Capital Work in Progress"}],
+		["asset_received_but_not_billed", {"account_type": "Asset Received But Not Billed"}]
 	], function(i, v) {
 		erpnext.company.set_custom_query(frm, v);
 	});
diff --git a/erpnext/setup/doctype/company/company.json b/erpnext/setup/doctype/company/company.json
index d236dda..07051ee 100644
--- a/erpnext/setup/doctype/company/company.json
+++ b/erpnext/setup/doctype/company/company.json
@@ -1791,6 +1791,38 @@
    "bold": 0, 
    "collapsible": 0, 
    "columns": 0, 
+   "fieldname": "expenses_included_in_asset_valuation", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Expenses Included In Asset Valuation", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Account", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
    "fieldname": "column_break_40", 
    "fieldtype": "Column Break", 
    "hidden": 0, 
@@ -1885,6 +1917,70 @@
    "bold": 0, 
    "collapsible": 0, 
    "columns": 0, 
+   "fieldname": "capital_work_in_progress_account", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Capital Work In Progress Account", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Account", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "fieldname": "asset_received_but_not_billed", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Asset Received But Not Billed", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Account", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
    "description": "For reference only.", 
    "fieldname": "company_info", 
    "fieldtype": "Section Break", 
@@ -2400,7 +2496,7 @@
  "istable": 0, 
  "max_attachments": 0, 
  "menu_index": 0, 
- "modified": "2018-05-05 13:08:07.351655", 
+ "modified": "2018-05-07 15:35:06.736602", 
  "modified_by": "Administrator", 
  "module": "Setup", 
  "name": "Company", 
diff --git a/erpnext/stock/doctype/item/item.js b/erpnext/stock/doctype/item/item.js
index f98cbb6..fbf0ded 100644
--- a/erpnext/stock/doctype/item/item.js
+++ b/erpnext/stock/doctype/item/item.js
@@ -19,7 +19,9 @@
 
 		// should never check Private
 		frm.fields_dict["website_image"].df.is_private = 0;
-
+		if (frm.doc.is_fixed_asset) {
+			frm.trigger("set_asset_naming_series");
+		}
 	},
 
 	refresh: function(frm) {
@@ -124,7 +126,20 @@
 	},
 
 	is_fixed_asset: function(frm) {
-		frm.set_value("is_stock_item", frm.doc.is_fixed_asset ? 0 : 1);
+		frm.call({
+			method: "set_asset_naming_series",
+			doc: frm.doc,
+			callback: function() {
+				frm.set_value("is_stock_item", frm.doc.is_fixed_asset ? 0 : 1);
+				frm.trigger("set_asset_naming_series");
+			}
+		})
+	},
+
+	set_asset_naming_series: function(frm) {
+		if (frm.doc.__onload && frm.doc.__onload.asset_naming_series) {
+			frm.set_df_property("asset_naming_series", "options", frm.doc.__onload.asset_naming_series);
+		}
 	},
 
 	page_name: frappe.utils.warn_page_name_change,
diff --git a/erpnext/stock/doctype/item/item.json b/erpnext/stock/doctype/item/item.json
index 251717e..b862171 100644
--- a/erpnext/stock/doctype/item/item.json
+++ b/erpnext/stock/doctype/item/item.json
@@ -395,7 +395,7 @@
    "search_index": 0, 
    "set_only_once": 0, 
    "translatable": 0, 
-   "unique": 0
+   "unique": 0 
   },
   {
    "allow_bulk_edit": 0,
@@ -566,6 +566,38 @@
    "collapsible": 0,
    "columns": 0,
    "depends_on": "is_fixed_asset",
+   "fieldname": "asset_naming_series",
+   "fieldtype": "Select",
+   "hidden": 0,
+   "ignore_user_permissions": 0,
+   "ignore_xss_filter": 0,
+   "in_filter": 0,
+   "in_global_search": 0,
+   "in_list_view": 0,
+   "in_standard_filter": 0,
+   "label": "Asset Naming Series",
+   "length": 0,
+   "no_copy": 0,
+   "permlevel": 0,
+   "precision": "",
+   "print_hide": 0,
+   "print_hide_if_no_value": 0,
+   "read_only": 0,
+   "remember_last_selected_value": 0,
+   "report_hide": 0,
+   "reqd": 0,
+   "search_index": 0,
+   "set_only_once": 0,
+   "translatable": 0,
+   "unique": 0
+  },
+  {
+   "allow_bulk_edit": 0,
+   "allow_on_submit": 0,
+   "bold": 0,
+   "collapsible": 0,
+   "columns": 0,
+   "depends_on": "is_fixed_asset",
    "fieldname": "asset_category",
    "fieldtype": "Link",
    "hidden": 0,
@@ -3717,7 +3749,7 @@
  "issingle": 0,
  "istable": 0,
  "max_attachments": 1,
- "modified": "2018-04-30 12:21:48.715529",
+ "modified": "2018-05-07 14:54:24.479267",
  "modified_by": "Administrator",
  "module": "Stock",
  "name": "Item",
diff --git a/erpnext/stock/doctype/item/item.py b/erpnext/stock/doctype/item/item.py
index fafdaab..94b907b 100644
--- a/erpnext/stock/doctype/item/item.py
+++ b/erpnext/stock/doctype/item/item.py
@@ -16,6 +16,7 @@
 from frappe.utils.html_utils import clean_html
 from frappe.website.doctype.website_slideshow.website_slideshow import \
 	get_slideshow
+
 from frappe.website.render import clear_cache
 from frappe.website.website_generator import WebsiteGenerator
 
@@ -42,10 +43,18 @@
 		super(Item, self).onload()
 
 		self.set_onload('stock_exists', self.stock_ledger_created())
+		self.set_asset_naming_series()
 		if self.is_fixed_asset:
 			asset = frappe.db.get_all("Asset", filters={"item_code": self.name, "docstatus": 1}, limit=1)
 			self.set_onload("asset_exists", True if asset else False)
 
+	def set_asset_naming_series(self):
+		if not hasattr(self, '_asset_naming_series'):
+			from erpnext.assets.doctype.asset.asset import get_asset_naming_series
+			self._asset_naming_series = get_asset_naming_series()
+
+		self.set_onload('asset_naming_series', self._asset_naming_series)
+
 	def autoname(self):
 		if frappe.db.get_default("item_naming_by") == "Naming Series":
 			if self.variant_of:
diff --git a/erpnext/stock/doctype/purchase_receipt_item/purchase_receipt_item.json b/erpnext/stock/doctype/purchase_receipt_item/purchase_receipt_item.json
index a7b0a03..87c9a75 100755
--- a/erpnext/stock/doctype/purchase_receipt_item/purchase_receipt_item.json
+++ b/erpnext/stock/doctype/purchase_receipt_item/purchase_receipt_item.json
@@ -1647,6 +1647,39 @@
    "bold": 0, 
    "collapsible": 0, 
    "columns": 0, 
+   "depends_on": "is_fixed_asset", 
+   "fieldname": "asset_location", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Asset Location", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Location", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
    "fieldname": "purchase_order", 
    "fieldtype": "Link", 
    "hidden": 0, 
@@ -2459,7 +2492,7 @@
  "issingle": 0, 
  "istable": 1, 
  "max_attachments": 0, 
- "modified": "2018-04-23 14:07:48.438379", 
+ "modified": "2018-05-07 13:42:05.061386", 
  "modified_by": "Administrator", 
  "module": "Stock", 
  "name": "Purchase Receipt Item", 
diff --git a/erpnext/stock/doctype/serial_no/serial_no.py b/erpnext/stock/doctype/serial_no/serial_no.py
index 17bf1bb..6ee679a 100644
--- a/erpnext/stock/doctype/serial_no/serial_no.py
+++ b/erpnext/stock/doctype/serial_no/serial_no.py
@@ -322,6 +322,7 @@
 	sr.item_code = args.get('item_code')
 	sr.company = args.get('company')
 	sr.via_stock_ledger = args.get('via_stock_ledger') or True
+	sr.asset = args.get('asset')
 	sr.insert()
 
 	if args.get('purchase_document_type'):
diff --git a/erpnext/stock/get_item_details.py b/erpnext/stock/get_item_details.py
index 0d03b4d..7e456dd 100644
--- a/erpnext/stock/get_item_details.py
+++ b/erpnext/stock/get_item_details.py
@@ -287,10 +287,6 @@
 		or frappe.db.get_value("Item Group", item.item_group, "default_income_account"))
 
 def get_default_expense_account(args, item):
-	if item and item.is_fixed_asset:
-		return frappe.db.get_value("Company", args.company, "fixed_asset_account")
-		if account: return account
-
 	return (item.expense_account
 		or args.expense_account
 		or frappe.db.get_value("Item Group", item.item_group, "default_expense_account"))