diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index 6e6bbf1cd2..991df4eada 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -40,7 +40,6 @@
   "purchase_date",
   "section_break_23",
   "calculate_depreciation",
-  "allow_monthly_depreciation",
   "column_break_33",
   "opening_accumulated_depreciation",
   "number_of_depreciations_booked",
@@ -456,13 +455,6 @@
    "fieldname": "dimension_col_break",
    "fieldtype": "Column Break"
   },
-  {
-   "default": "0",
-   "depends_on": "calculate_depreciation",
-   "fieldname": "allow_monthly_depreciation",
-   "fieldtype": "Check",
-   "label": "Allow Monthly Depreciation"
-  },
   {
    "collapsible": 1,
    "collapsible_depends_on": "is_existing_asset",
@@ -518,7 +510,7 @@
    "link_fieldname": "asset"
   }
  ],
- "modified": "2022-01-30 20:19:24.680027",
+ "modified": "2022-07-20 10:15:12.887372",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset",
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index a880c2f391..a22d70dd63 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -343,51 +343,13 @@ class Asset(AccountsController):
 				skip_row = True
 
 			if depreciation_amount > 0:
-				# With monthly depreciation, each depreciation is divided by months remaining until next date
-				if self.allow_monthly_depreciation:
-					# month range is 1 to 12
-					# In pro rata case, for first and last depreciation, month range would be different
-					month_range = (
-						months
-						if (has_pro_rata and n == 0)
-						or (has_pro_rata and n == cint(number_of_pending_depreciations) - 1)
-						else finance_book.frequency_of_depreciation
-					)
-
-					for r in range(month_range):
-						if has_pro_rata and n == 0:
-							# For first entry of monthly depr
-							if r == 0:
-								days_until_first_depr = date_diff(monthly_schedule_date, self.available_for_use_date)
-								per_day_amt = depreciation_amount / days
-								depreciation_amount_for_current_month = per_day_amt * days_until_first_depr
-								depreciation_amount -= depreciation_amount_for_current_month
-								date = monthly_schedule_date
-								amount = depreciation_amount_for_current_month
-							else:
-								date = add_months(monthly_schedule_date, r)
-								amount = depreciation_amount / (month_range - 1)
-						elif (has_pro_rata and n == cint(number_of_pending_depreciations) - 1) and r == cint(
-							month_range
-						) - 1:
-							# For last entry of monthly depr
-							date = last_schedule_date
-							amount = depreciation_amount / month_range
-						else:
-							date = add_months(monthly_schedule_date, r)
-							amount = depreciation_amount / month_range
-
-						self._add_depreciation_row(
-							date, amount, finance_book.depreciation_method, finance_book.finance_book, finance_book.idx
-						)
-				else:
-					self._add_depreciation_row(
-						schedule_date,
-						depreciation_amount,
-						finance_book.depreciation_method,
-						finance_book.finance_book,
-						finance_book.idx,
-					)
+				self._add_depreciation_row(
+					schedule_date,
+					depreciation_amount,
+					finance_book.depreciation_method,
+					finance_book.finance_book,
+					finance_book.idx,
+				)
 
 	def _add_depreciation_row(
 		self, schedule_date, depreciation_amount, depreciation_method, finance_book, finance_book_id
@@ -854,10 +816,8 @@ class Asset(AccountsController):
 				return args.get("rate_of_depreciation")
 
 			value = flt(args.get("expected_value_after_useful_life")) / flt(self.gross_purchase_amount)
-
 			depreciation_rate = math.pow(value, 1.0 / flt(args.get("total_number_of_depreciations"), 2))
-
-			return 100 * (1 - flt(depreciation_rate, float_precision))
+			return flt((100 * (1 - depreciation_rate)), float_precision)
 
 	def get_pro_rata_amt(self, row, depreciation_amount, from_date, to_date):
 		days = date_diff(to_date, from_date)
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index c3476f9b8f..34122a5d0e 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -347,3 +347,4 @@ erpnext.patches.v14_0.copy_is_subcontracted_value_to_is_old_subcontracting_flow
 erpnext.patches.v14_0.migrate_gl_to_payment_ledger
 erpnext.patches.v14_0.crm_ux_cleanup
 erpnext.patches.v14_0.remove_india_localisation # 14-07-2022
+erpnext.patches.v13_0.fix_number_and_frequency_for_monthly_depreciation
\ No newline at end of file
diff --git a/erpnext/patches/v13_0/fix_number_and_frequency_for_monthly_depreciation.py b/erpnext/patches/v13_0/fix_number_and_frequency_for_monthly_depreciation.py
new file mode 100644
index 0000000000..e827058df0
--- /dev/null
+++ b/erpnext/patches/v13_0/fix_number_and_frequency_for_monthly_depreciation.py
@@ -0,0 +1,14 @@
+import frappe
+
+
+def execute():
+	assets = frappe.get_all("Asset", filters={"allow_monthly_depreciation": 1})
+
+	for d in assets:
+		print(d.name)
+		asset_doc = frappe.get_doc("Asset", d.name)
+		for i in asset_doc.get("finance_books"):
+			if i.frequency_of_depreciation != 1:
+				i.total_number_of_depreciations *= i.frequency_of_depreciation
+				i.frequency_of_depreciation = 1
+				i.db_update()