XYZ Consultancy Itd, is advertising consultancy company. From the company's cash transaction. Owner has prepared the following income statement for the year ended December 31, 2020. Rs 25000 Revenue Commission earned Expenses : Salaries and Consultancy fees given Power expenses Telephone and Mobile expense Rent of Premises Total Expenses 6000 700 1000 5000 12700 . Owner believes that they had good profit and they wanted to buy more assets. Later they realized that following expense are not covered: Rent is outstanding Rs 200 Audit fees for the year is not yet paid Rs 500. Interest on loan is not paid which amount to Rs 400 Depreciation on furniture is not calculated. Furniture is of Rs 50000 and Rate of depreciation is 10%. Company provided services to customer and yet not received income of Rs 1000 Charge income tax at rate of 35% Prepare a revised profit and loss account for the year and comment that whether company should buy new asset or not. thing