diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index 540a4f5..ea72b3c 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -35,6 +35,7 @@
   "purchase_receipt",
   "purchase_invoice",
   "available_for_use_date",
+  "total_asset_cost",
   "column_break_23",
   "gross_purchase_amount",
   "asset_quantity",
@@ -529,6 +530,14 @@
    "label": "Capitalized In",
    "options": "Asset Capitalization",
    "read_only": 1
+  },
+  {
+   "depends_on": "eval:doc.docstatus > 0",
+   "fieldname": "total_asset_cost",
+   "fieldtype": "Currency",
+   "label": "Total Asset Cost",
+   "options": "Company:company:default_currency",
+   "read_only": 1
   }
  ],
  "idx": 72,
@@ -572,7 +581,7 @@
    "link_fieldname": "target_asset"
   }
  ],
- "modified": "2023-11-20 20:57:37.010467",
+ "modified": "2023-12-20 16:50:21.128595",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset",
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 3b3ed0a..3ea6ec7 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -111,6 +111,7 @@
 			"Decapitalized",
 		]
 		supplier: DF.Link | None
+		total_asset_cost: DF.Currency
 		total_number_of_depreciations: DF.Int
 		value_after_depreciation: DF.Currency
 	# end: auto-generated types
diff --git a/erpnext/assets/doctype/asset_repair/asset_repair.py b/erpnext/assets/doctype/asset_repair/asset_repair.py
index 31dd63d..b7fce91 100644
--- a/erpnext/assets/doctype/asset_repair/asset_repair.py
+++ b/erpnext/assets/doctype/asset_repair/asset_repair.py
@@ -93,6 +93,9 @@
 
 			self.increase_asset_value()
 
+			if self.capitalize_repair_cost:
+				self.asset_doc.total_asset_cost += self.repair_cost
+
 			if self.get("stock_consumption"):
 				self.check_for_stock_items_and_warehouse()
 				self.decrease_stock_quantity()
@@ -128,6 +131,9 @@
 
 			self.decrease_asset_value()
 
+			if self.capitalize_repair_cost:
+				self.asset_doc.total_asset_cost -= self.repair_cost
+
 			if self.get("stock_consumption"):
 				self.increase_stock_quantity()
 			if self.get("capitalize_repair_cost"):
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index d5cd4da..952875c 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -352,6 +352,7 @@
 erpnext.patches.v14_0.update_zero_asset_quantity_field
 execute:frappe.db.set_single_value("Buying Settings", "project_update_frequency", "Each Transaction")
 execute:frappe.db.set_default("date_format", frappe.db.get_single_value("System Settings", "date_format"))
+erpnext.patches.v14_0.update_total_asset_cost_field
 # below migration patch should always run last
 erpnext.patches.v14_0.migrate_gl_to_payment_ledger
 erpnext.stock.doctype.delivery_note.patches.drop_unused_return_against_index
diff --git a/erpnext/patches/v14_0/update_total_asset_cost_field.py b/erpnext/patches/v14_0/update_total_asset_cost_field.py
new file mode 100644
index 0000000..57cf71b
--- /dev/null
+++ b/erpnext/patches/v14_0/update_total_asset_cost_field.py
@@ -0,0 +1,17 @@
+import frappe
+
+
+def execute():
+	asset = frappe.qb.DocType("Asset")
+	frappe.qb.update(asset).set(asset.total_asset_cost, asset.gross_purchase_amount).run()
+
+	asset_repair_list = frappe.db.get_all(
+		"Asset Repair",
+		filters={"docstatus": 1, "repair_status": "Completed", "capitalize_repair_cost": 1},
+		fields=["asset", "repair_cost"],
+	)
+
+	for asset_repair in asset_repair_list:
+		frappe.qb.update(asset).set(
+			asset.total_asset_cost, asset.total_asset_cost + asset_repair.repair_cost
+		).where(asset.name == asset_repair.asset).run()