I have bought a peace lily 7 days ago, but the leaves are drooping and lower leaves have turned yellow. I have tried watering it, soil is moist but condituin is not improving. Drooping leaves have also developed breaks in it and seems like beyond repair ... kindly help !!!
In my eyes the soil seems to be too heavy with no aeration. Peace Lilies do like a little aeration for their root system.
At first, it might be some sort of shock from moving to a new place. if it is a shock, just give it a few more days and be careful to not over water. do not fertilize now. try to keep it away from sources of dry air, that is, opened windows and doors specially in summer. they work their best in humid air. and too much room temperature also cause them to droop their leaves and produce brown tips in my experience. these are slow growing plants.
If the situation not improved, it might also be from root rotting, then I suggest these procedure: try removing the old soil from the roots completely with water very gently, cut only mushy and black part of the roots if any, put the plant in a water container fast with water covering the roots only, wash the pot with dish soap, and replant, this time using a bagged general Potting Soil with some degree of quality. and remember the drainage hole in the pot is a MUST.
In a similar situation I had with one Peace lily (not recovering from droopy situation), I've kept it in a water container for a week or so. and changed the water every day with new water and when it recovered, then I replanted it in soil. the broken or withered leaves are not going to heal. so cutting them is actually a good idea. it'll let the plant to work on new roots and growth.