Ximr Fa Jetb Examples 2010 (1)

8/8/2019 Ximr Fa Jetb Examples 2010 (1)

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Event Date

1 1-Jan-09

2 15-May-09

3 20-May-09

4 5-Apr-09

5 31-May-09

6 1-Jun-09

7 15-Jun-09

8 30-Jun-09

9 30-Jun-09

10 1-Jul-09

11 1-Jul-09

12 14-Aug-09

13 14-Aug-0914 30-Nov-09

31-Dec-09

15 Adj.E1

16 Adj.E2

17 Adj.E3

18 Adj E4

19 Adj E5

20 Adj E6

21 Adj E7

22 Adj E8


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Nature of Transactions recorded by Co ABC during the financial year 2009 [calendar year]

HCL started operating on January 1 when the promoter P made Rs 10,000 contribution [by cheque Rs 8,000 & Cash R

HCL purchased inventory [office materials] for Rs 400 from a Supplier A on credit

HCL billed for services provided on account (on credit) to Customer MFS for Rs 2,600

HCL paid Rs 600 cash for office expenses

HCL borrowed Rs 4,000 on unsecured bases loan from Axis Bk for 2 yrs with inteterst @ 12% pa

HCL acquired large office on lease & paid advance rent for 1 yr of Rs 2,400

HCL received Rs 1,500 toward part payment from MFS [Refer Event 3]

HCL signed contract with Mco to perform consulting services for 1 year & collected advance of Rs 3,600

HCL received Rs 700 by cheque for consultancy renedered to Customer DXL

HCL loaned to its contractor JBC Rs 4,000 for 1 year @ 14% for business purpose

HCL purchased office equipments [with estimated useful life of 2 yrs and salvage value of Rs 400] for Rs 2,000

HCL received bill from SC for Rs 800 towards office cleaning job

HCL paid by cash Rs 400 to Supplier A [refer 2]HCL paid to P Rs 300 as good work award to staff

HCL has to further pass following adjustment entries to close the books as at year end

HCL provided interest on unsecured loan [refer Event 5] @ 12% for 6 months

HCL accounted for rent pertaining to current year out prepaid rent [refer Event 6]

HCL recorded credit for 6 months services provided to Mco [refer Event 8]

HCL accured interest on loan given to JBC [refer Event 10]

HCL provided for depreciation on office equipments [refer Event11]

HCL noted to provide for accured salaries to employees amounting to Rs 600

HCL noted that inventory of office supplies on 31/Dec/09 was only Rs 100 and the balance Rs 300 was to be charged

HCL noted to provided all office related expenses for Rs 1,000 for the year based on only office recors [no bills receive

800

600


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5/40

Co.ABC: Journal Entry Book for the financial

Transaction Particulars [A/c] A/c Type Dr. Rs

1 Bank R 8,000

Cash R 2,000

Share Capital [Owner] P

To record promoters contribution to firm's capital

2 Inventory [Office mateirals] R 400

Sundry Creditors [Supp A] P

Being the credit purchase of inventory from Supp A

3 Sundry Debtors [Customer MFS] P 2,600

Sales and Sevices N

To record services rendered on credit to Cust. MFS]

4 Office expenses 600Cash

To records cash payment towards operating expenses

5 Bank R 4,000

Unsecured Loan [Axis Bk] P

Being the unsecured loan obtained for 1yr @ 12%pa

6 Prepaid rent R 2,400

Bank R

To record rent for office premise paid in advance

7 Bank R 1,500

Sundry Debtors [Customer MFS] P

To account part payment received from MFS [Ref 3]8 Bank 3,600

Advance Received from Customer [MCO]

Being the advance received on MOU signed with Mco

9 Sundry Debtors [Customer DXL] R 700

Sales and Sevices N

To record the bill raised for services given to DXL

9A Bank R 700

Sundry Debtors [Customer DXL] P

To record the payment received from DXL for 9 above

10 Loans,advances & deposits R 4,000

Bank R

To record loan given for business to JBC for 1 yr @ 14%

11 Fixed Assets "Office Equipments" R 2,000

Bank R

To recod purchase of office equipments

12 Office expenses N 800

Sundry Creditors [for other exp] (Party SC) P

To account for bill for above office exp. from SC

13 Sundry Creditors [Supp A] R 400

Cash P

Trans/Adjs


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Being the pymt for supplies [refer 2 above]

14 Employee costs N 300

Cash R

Being the good work award given to an employee

15 Interest Expense N 240

Sundry creditors [other expenses] P

Being the provision for int due to Axis bank for 6 months

16 Office Rent N 1,400Prepaid rent R

To account rent for 7 months pertaining to current yr

17 Sundry Debtors [Mco] P 1,800

Sales and Sevices N

To book credit for services for 6 mths in current Fy

17A Advance Received from Customer [MCO] P 1800

Sundry Debotors [MCO] P

Towards pro-rata adjustment of advance received for 17 above

18 Accured interest Income R 210

Interest income N

To account for accrued interest on loan given to JBC

19 Depreciation N 600Depreciation Reserve [Depreciation to date] R

To provide pro-rata depreciation for 9 months on office eqpts

20 Employee costs E 600


[To provide for oustanding salary to employees]

21 Inventories Consumed E 300

Inventory [Office mateirals] R

[To account inventories consumed from stock]

22 Office expenses E 1,000


[To provide for outstanding office expenses as per records ]

Total 41,950


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year 2009-10

P&L Impact Balance Sheet Impact

Cr. Rs

B -Inc Inc Trans No

C-Inc Inc 1

10,000 Inc 5

7

Inc 8

400 Inc 9A

Total

Inc

2,600 Income

Trans No

Expense 2600 C -Dec Dec

B -Inc Inc

4,000 Inc Total

Inc

2,400 B-Dec Dec Trans No

To P&L

B-Inc Inc

1,500 Dec

TotalInc

3,600 B-Inc Inc

Trans No

Inc 6

700 Income

Total

B-Inc Inc

700 Dec Fi

Trans No

Inc 11

4,000 B-Dec Dec

Inc

2,000 B-Dec Dec Total

Expense

800 Inc

Dec Trans No

400 C-Dec Dec 15

Cash/BankBalanceImpact

Income/Expense

Cash C/Bank

B balanceInc. /Dec.

AssetInc/Dec

Liability Inc/Dec


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Expense Total

300 C-Dec Dec

Expense

240 Inc Trans No

19

Expense Total1,400 Dec

Dec

1,800 Income

Debit

Dec 41,950

1800 Dec

Inc

210 Income

Expense600 Inc

Expense

600 Inc

Expense

300 Dec

Expense

1,000 Inc

41,950


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Co.ABC:Ledger Accounts for the financiail year 2009-10

Bank Cash

Debit Rs Trans No Credit Rs Trans No Debit Rs Trans No Credit Rs

8,000 6 2,400 1 2,000 4 600

4,000 10 4,000 13 400

1,500 11 2,000 14 300

3,600 Bal c/f 9,400 Bal c/f 700

700

17,800 Total 17,800 Total 2,000 Total 2,000

Inventory Sundry Creditors [Suppliers]


400 21 300 13 400 2 400Bal c/f 100

400 Total 400 Total 400 Total 400

Sales & Sevices Office Expenses


5,100 3 2,600 4 600 To P&L 2,400

9 700 12 800

17 1,800 22 1,000


Prepaid Rent Advance Received from Customer


2,400 16 1,400 17A 1800 8 3,600

Bal c/f 1,000 Bal c/f 1,800


xed Assets[Office Equipments] Sundry Creditors [Other Expenses]


2,000 Bal c/f 2,000 Bal C/f 2,640 12 800

15 240

20 600

22 1,000


Interest Expense Office Rent


240 To P&L 240 16 1,400 To P&L 1,400


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240 Total 240 Total 1,400 Total 1,400

Depreciation Expense Depreciation Reserve


600 To P&L 600 Bal c/f 600 19 600


Credit & Debit Check

Credit Diff

41,950 -


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Share Capital

Trans No Debit Rs Trans No Credit Rs

Bal c/f 10,000 1 10,000

Total 10,000 Total 10,000

Sundry Debtors


3 2,600 7 1,5009 700 9A 700

17 1,800 17A 1800

Bal c/f 1,100


Unsecured Loan [Axis Bk]


Bal C/f 4,000 5 4,000


Loans,Advances and Deposits


10 4,000 Bal c/f 4,000


Employee Costs


14 300 To P&L 900

20 600

Total 900 Total 900

Accured Interest Income


18 210 Bal c/f 210


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Total 210 Total 210

Inventories Consumed


21 300 To P&L 300

Total 300 Total 300

Interest Income


To P&L 210 18 210

Total 210 Total 210


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Co.ABC:Trial Balance [Before P&L Account] as at March 31,2010

Accounts Debit Bal Rs Credit Bal Rs

Bank 9,400

Cash 700

Share Capital 10,000

Inventory 100

Sundry Creditors [Suppliers] 0

Sundry Debtors 1,100

Sales & Sevices 5,100

Office Expenses 2,400

Unsecured Loan [Axis Bk] 4,000

Prepaid Rent 1,000

Advance Received from Customer 1,800Loans,Advances and Deposits 4,000

Fixed Assets[Office Equipments] 2,000

Sundry Creditors [Other Expenses] 2,640

Employee Costs 900

Interest Expense 240

Office Rent 1,400

Depreciation Expense 600

Depreciation Reserve 600

Inventories Consumed 300

Accured Interest Income 210

Interest Income 210Total 24,350 24,350

Co.ABC:Trial Balance [After P&L Account] as at March 31,2010

Accounts Debit Bal Rs Credit Bal Rs

Bank 9,400

Cash 700

Share Capital 10,000

Inventory 100

Sundry Debtors 1,100

Unsecured Loan [Axis Bk] 4,000

Prepaid Rent 1,000

Advance Received from Customer 1,800

Loans,Advances and Deposits 4,000

Fixed Assets[Office Equipments] 2,000

Sundry Creditors [Other Expenses] 2,640

Depreciation Reserve 600

Accured Interest Income 210

Profit & Loss Account 530

Total 19,040 19,040


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Co.ABC:Profit & Loss Account for the Year Ended March 31, 2010

Particulars Particulars

Inventories Consumed 300 Sales & Sevices

Employee Costs 900 Interest Income

Office Expenses 2,400 Loss carried forward to BS

Office Rent 1,400

Depreciation Expense 600

Interest Expense 240

Total 5,840 Total

Co.ABC:Balance Sheet as at March 31,2010

Liabilities Rs Assets

Share Capital 10,000 Fixed Assets [Gross Block]

Profit & Loss [loss b/f] (530) Less:Depreciation to date

Unsecured Loan [Axis Bk] 4,000 Fixed Assets [Net Block]

Advance Received from Customer 1,800 InventorySundry Creditors [Other Expenses] 2,640 Sundry Debtors

Accured Interest Income

Loans,Advances and Deposits

Bank balance

Cash balance

Prepaid Rent

Total Err:522 Total

Debit AmtRs


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17/40

5,100

210

530

5,840

Rs

2,000

600

1,400

1001,100

210

4,000

9,400

700

1,000

Err:522

Credit AmtRs


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Company A: Balance S

Liabilities Rupees

Share Capital 500

Reserves 250

Profits & Loss 300

Secured Loan [from SBI] 150

Unsecured Loan [from HDFC] 1050

Sundry Creditors[suppliers] 50

Sundry Creditors [other dues] 50

Provision for Dividend 30

Provision for Itax 20

Total 2400


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21/40

heet as at 31st Mar 20009 Sr No

Assets Rupees 1

Fixed Assets[Gross block] 880 2

Less:Depreciation till date 80 3

Fixed Assets [Net block] 800 4

Investments 200 5

Inventories [raw materials] 100 6

Sundry Debtors 100 7

Loans,advances and deposits 100 8

Cash balance 200 9

Bank balance 800 10

100 11Total 2400 12

\ 13

14

15

16

17

18

19

20

21

22

2324

25

Deferred Rev.Exp [relating to new product

development


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Co.A:Transactions during FY 2009-10

Particulars Rupees

Purchased inventories [raw material] thru cheque pymt 500 Sr No

Purchased inventories [packing material] in credit for 100 1

S.Crs [Suppliers outstanding dues] paid by cheque 50

S.Crs [ Other dues] paid in cash 50

Dividend provided for Previous year paid thru bank 30 2

Wages paid in cash Rs 50 100

Outstanding wages provided 10

Other expenses paid in cash 20 3

Interest paid on loans by cheque 10

Outstanding interest on loans provided 10

Total sales for the year 1100 4Cash sales[ thru cheques] out of 11 above sales 600

Amount collected from outstanding S.Drs 100

Secured loans borrowed from Axis Bk 50 5

Unsecured loans repaid to HDFC Bk 50

Investments sold [ encashed] 10

Interest earned on investment 10 6

Received refund of deposit placed 10

Product development exp amortized 10

Depreciation on assets 80 7

Cost of fixed assets sold 20

Amount received on sale of assets 15

Closing inventories Raw Materials as on 31/3/2010 100 8Closing inventories Pkg Materials as on 31/3/2010 0

Provision for Income tax for the current year 30

9 & 10

11

13

14

15

16


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17

18

19

20

21 &22

23 & 24

25**


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Co.A: Journal Entry Book for the fina

Transaction Particulars [Account]

Inventories [Raw Materials]

Bank

Being raw materials inventory purcahsed in cash/bank

Inventories [Packing Materials]

Sundry Creditors [Suppliers]

Being credit purcahse of packing materials from Supl.B

Sundry Creditors [Suppliers]

Bank

Being outstanding amount due to Sup.A paid by check

Sundry Creditors [Other Dues]Cash

Being outstanding other due paid in cash

Provisions for Dividend

Bank

Being dividend earleir provided now paid

Wages

Bank

Being the wages paid to employee

Wages

Sundry Creditors [Other Dues]

Being outstanding wages provided [under other dues a/c]

Other ExpensesCash

Being office expenses paid in cash

Interest Expense

Bank


To record the total interest due on loans partly paid by chequ & balance provided

Bank

Sundry Debtors [Customers]

Sales

To record the sales for the period partly in cash and part in credit

Bank

Sundry Debtors

To record the collections thru bank from outstanding S.Drs

Bank

Secured Loans

To record fresh secured borrowing from Axis Bk

Unsecured Loans

Bank

Being part repayment unsecured loan taken from HDFC Bk

Cash


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Investments

To record sales proceed of investment sold

Cash

Interest Income

Being the interest earned on investments made

Bank

Loans,advances & Deposits

To record the receipt of refund of deposit placed with Stax officeProduct Development Exp

Deferred Product Development Exp

Being the annual amortization of deferred product development exp

Depreciation Expenses

Depreciation till date

Being the annual provision for depreciation on fixed assets

Bank

Loss on Sale of Asset

Fixed Assets

To record the sale & loss on sale of a machine with WDV of Rs 20

Materials consumed

Inventories [Raw Materials]Inventories [Packing Materials]

To account for RM & Pkg materials [Inventories] consumed during the year

Profit and Loss

Profit and Loss [Appropriation]

Provision for Income Tax


Being the entry to record provisions for Itax & Dividend for 2009-10

**These entries will be passed after determination of profit/loss before tax


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cial year 2009-10

P&L Impact Balance Sheet Impact

Type of A/c Dr. Rs Cr. Rs

R 500 Inc

R 500 B -Dec. Dec

R 100 Inc

P 100 Inc

P 50 Dec

R 50 B -Dec Dec

P 50 DecR 50 C - Dec Dec

R 30 Dec

R 30 B- Dec Dec

N 100 Expense

R 100 B-Dec Dec

N 10 Expense

P 10 Inc

N 20 ExpenseR 20 C -Dec Dec

N 20 Expense

R 10 B- Dec Dec

P 10 Inc

R 600 B -Inc Inc

P 500 Inc

N 1100 Income

R 100 B- Inc Inc

P 100 Dec

R 50 B -inc Inc

P 50 Inc

P 50 Dec

R 50 B-Dec Dec

R 10 C-Inc Inc

Cash/BankBalance Impact

Income -I /Exp-E

Cash C/Bank B

balance Inc./Dec.

AssetInc/Dec

Liability Inc/Dec


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R 10 Dec

R 10 C -inc Inc

N 10 Income

R 10 B -inc Inc

R 10 Dec

N 10 Expense

R 10 Dec

N 80 Expense

R 80 Inc

R 15 B- Inc Inc

N 5 Expense [loss]

R 20 Dec

N 600 Expense

R 500 DecR 100 Dec

N 30 Expense

10 Appropriation

R 30 Inc

R 10 Inc

Total 2960 2960


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Co.A:Ledger Accounts for the finan

Inventories [Raw Materials] Bank

Trans No Debit Rs Tans No Credit Rs Trans No Debit Rs Tans No

Bal B/f 100 23 & 24 500 Bal b/f 800 1

1 500 Bal c/f 100 11 600 5

13 100 6

14 50 9 & 10

18 10 15

21 &22 15 Bal c/f

Total 600 Total 600 Total 1575 Total

Sundry Creditors [Other Dues] Cash


4 50 Bal b/f 50 Bal b/f 200 4

Bal c/f 20 7 10 16 10 8

9 & 10 10 17 10 Bal c/f


Other Expenses Interest Expense


8 20 To P&L 20 9 & 10 20 To P&L


Secured Loans Unsecured Loans


Bal c/f 200 Bal b/f 150 15 50 Bal B/f

14 50 Bal c/f 1000



30/40

Loans,advances & Deposits Product Development Ex


Bal b/f 100 18 10 19 10 To P&L

Bal c/f 90


Depreciation till date Loss on Sale of Asset


Bal c/f 160 Bal b/f 80 21 &22 5 To P&L

20 80


Profit and Loss Provision for Income Tax


0 Bal B/f 300 Bal c/f 20 Bal B/f

0

Bal c/f 300


Current years Debit Credit Check

Debit Credit Diff

2870 2870 0


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cial year 2009-2010

Inventories [Packing Materials] Sundry Credit

Credit Rs Trans No Debit Rs Tans No Credit Rs Trans No Debit Rs

500 2 100 23 & 24 100 Bal c/f 150

30

100

10

50

885


Provisions for Dividend Wa


50 5 30 Bal b/f 30 6 100

20 Bal c/f 0 7 10

150


Sundry Debtors [Customers] Sal


20 Bal b/f 100 13 100 To P&L 1100

11 500 Bal C/f 500


Investments Interest


1050 Bal b/f 200 16 10 To P&L 10

Bal c/f 190



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p Deferred Product Development Exp Depreciatio


10 Bal b/f 100 19 10 20 80

Bal c/f 90


Fixed Assets Materials


5 Bal b/f 880 21 &22 20 23 & 24 600

Bal c/f 860


Share Capital Res


20 Bal c/f 500 Bal b/f 500 Bal c/f 250



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Co.A:Trial Balance [before P&L a/c] as

rs [Suppliers] Particulars

Tans No Credit Rs Inventories [Raw Materials]

Bal b/f 50 Bank

2 100 Sundry Creditors [Suppliers]



Cash

Wages

Total 150 Other Expenses

Interest Expense

Sundry Debtors [Customers]es Sales

Tans No Credit Rs Secured Loans

To P&L 110 Unsecured Loans

Investments

Interest Income


Total 110 Product Development Exp


Depreciation Expenses

Depreciation till date

Loss on Sale of Asset

Fixed Assetses Materials consumed

Tans No Credit Rs Profit and Loss

11 1100 Provision for Income Tax

Share Capital

Total 1100 Reserves

Total

Co.A:Trail Balance [after P&L A/c] as a

Particulars

Inventories [Raw Materials]

Income Bank

Tans No Credit Rs Cash

17 10 Sundry Creditors [Suppliers]


Sundry Debtors [Customers]

Total 10 Secured Loans

Unsecured Loans

Investments



34/40


Expenses Depreciation till date

Tans No Credit Rs Fixed Assets

To P&L 80 Profit and Loss

Share Capital

Total 80 Reserves

Provision for Income Tax

Provision for DividendTotal

onsumed

Tans No Credit Rs

To P&L 600

Total 600

rves

Tans No Credit Rs

Bal b/f 250

Total 250


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t March 31,2010 Co.A:Trail Balance as at Apr 1,2009

Opening Balance Sheet

Debit Amt Rs Credit Amt Rs Debit Rs Credit Rs

100 100

885 800

150 50

20 50

0 30

150 200

110

20

20

500 1001100

200 150

1000 1050

190 200

10

90 100

10

90 100

80

160 80

5

860 880600

300 300

20 20

500 500

250 250

3710 3710 2480 2480

2600 0

March 31,2009

Debit Amt Rs Credit Amt Rs

100

885

150

150

20

500

200

1000

190

90


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90

160

860

525

500

250

50

10Err:522 2865

2705


37/40

Co.A:Profit & Loss Account for the year ended March 31,2010

Particulars [Expense] Amt Rs Particulars [Income]

Materials consumed 600 Sales

Wages 110 Interest Income

Other Expenses 20

Product Development Exp 10

Loss on Sale of Asset 5

Depreciation Expenses 80

Interest Expense 20

Profit before tax c/f 265

Total 1110 TotalProvision for Income Tax 30 PBT b/f

PAT c/f 235

Total 265 Total

Profit & Loss Appropriation

Provisions for Dividend 10 PAT b/f

P&L c/f [ to BS] 525 Pr yr P&L b/f [from BS]

Total 535 Total

Co.A: Balance Sheet as at March 31, 2010

Liabilities Amt Rs Assets

Share Capital 500 Fixed Assets

Reserves 250 Less:Dep till dateProfit and Loss 525 Fixed Assets Net

Secured Loans 200 Investments

Unsecured Loans 1000 Inventories [Raw Materials]

Sundry Creditors [Suppliers] 150 Sundry Debtors [Customers]

Sundry Creditors [Other Dues] 20 Loans,advances & Deposits

Provision for Income Tax 50 Bank

Provisions for Dividend 10 Cash


Total 2705 Total


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Amt Rs

1100

10

1110265

265

235

300

535

Amt Rs

860

160700

190

100

500

90

885

150

90

2705 0


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Ximr Fa Jetb Examples 2010 (1)

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