The trainee accountant has forgotten to make an accrual for December rent in the financial statements for the year ended December 31, 2019. Rent is charged in arrears at the end of February, May, August and November each year. The bill payable in February 2020 is expected to be P300, 000. Draft income statement shows a profit of P250, 000 and draft statement of financial position shows net assets of P2, 750,000. What is the profit or loss for the year and what is net asset position after accrual has been included in the financial statements, respectively?