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financial accounting

Financial Accounting 1st Edition Dhanesh K. Khatri - Solutions

Define demerger. What accounting procedure should be followed for it?
Ramson Limited and Macson Limited are strong competitors running the business in the pharmaceutical industry for about last 20 years. Both of the companies realized that due to competition they were spending heavy money on sales promotion and doctors made an advantage out of it. On 31st January,
Differentiate between preference shares and debentures.
Write short notes on the following:(a) Authorized capital(b) Sweat equity(c) Rights issue(d) Bonus shares
Discuss different types of post-retirement employee benefit plans.
XYLO Ltd. reported a net loss of 11,95,000 crore for the year 2009–10 as compared to the net profit of 77,000 crore for the year 2008–09. However, the sales for the year 2009–10 was higher by 5,00,000 crore as compared to the sales for the year 2008–09. The income tax return filled by XYLO
Jay International has one whole-time director and one managing director as well. During the year, a total remuneration of ₹ 65,670 lakh was paid to managerial staff.Discussion Question A suming that you are an expert, evaluate the case and comment on the managerial remuneration paid by the
On April 1, 2000, K.K. Industries (KKI) issued 10-year debentures carrying 12% coupon rate on the total face value of US$ 1,00,000. These are redeemable after 10 years at par. Interest is payable every year in $. At the time of issue of debentures, the rupee–US dollar exchange rate is ₹ 39 per
Suman Limited has issued share capital of 1,30,000, 15% preference share of ₹10 each and 1,50,000 equity shares of ₹10 each. The preference shares are redeemable at a premium of 5% on April 1, 2011.In order to facilitate the redemption of preference shares, the company proposed the
Badam Gussain, Vice-President (Accounts) of Sach International Corporation, Singapore was taken aback when he reviewed the financial performance of the company. He noticed that the sales for the current financial year was trailing behind the sales figures of the previous financial year. It was less
Till the year 2001, there was no regulatory obligation on a company to provide for defined retirement plan, namely the gratuity payment, by private colleges. From the year 2001, it was made compulsory for each private college to provide for gratuity to each employee and also recognize it as
Differentiate between the following:(a) Defined contribution plan vs defined benefit plan(b) Provision vs contingent liability
The balance sheet of Kismat Kytes Ltd comprises the following details:During the accounting year 2010–11, the following information has been extracted from the books of accounts and other documents (i) External factors indicate that the value in use of plant is ₹1,17,000 and net sales value is
It was first year of operations of Milky Enterprises, during the year firm purchased the raw material several times the records of stores department showed the following records:Under continuous inventory valuation system, the firm adopted LIFO method of inventory valuation. As a result, the
The following is the profit and loss account and balance sheet of Sach International Ltd. You may redraft these for the purpose of ratio analysis.The management of the company has approached a bank to obtain short-term working capital loan as well as long-term loan. Mean time management has also
A newly appointed financial accountant prepared the following profit and loss account and balance sheet of Tulip Ltd:His efforts made the balance to tally but it has been challenged by the Assessing Officer for the purpose of income assessment.Discussion Question Assuming that you are an accounting
Gypsy Enterprises (GE) producing high quality low cost housekeeping instruments was started by an engineer. Jagson introduced the initial capital of ₹10,00,000 in cash and a machine costing ₹3,50,000. Before the formal inauguration of the business, Jagson executed the following
An investor purchases 200 shares of a company at a price of ₹80, whereas the face value of each share is ₹5 at the end of one year he gets a dividend @ 40% and sells the share in the market at a price of ₹99 per share after one year. Calculate the return on equity.
The capital structure of a company includes 2,00,000 equity shares of face value of ₹10 each, 15,000 9% preference shares of face value ₹100 each and 10,000 10% debentures of face value ₹100 each. The net income of the company for the year ended March 31, 2010 was ₹12,50,000. The
Market price of an equity share of face value ₹10 is ₹125 per share. Expected dividend is 125% for the next year that is likely to grow at a constant rate of 10% p.a. forever. If an investor expects 15% returns on his/her investment, suggest him/her whether he/she should buy it or not. If yes,
Equity share of X Ltd is available in the market at a price of ₹45 per share, whereas its face value is ₹5 per share. During the current year, the company paid 66.66% dividend that has a track record of constant growth rate of 5% p.a. forever. What is the value of this share for an investor who
A company is issuing 14%, 6 years, ₹100 debenture at 5% premium. These are redeemable on maturity at 15% premium. If an investor expects a return of 18% on his/her investment then suggest him/her if he/she should buy it from the company or not.
There are 10 years, ₹200 face value debentures having 9% coupon rate available in the market at a price of ₹189 per debenture. These have a provision for redemption at 5% premium. If an investor expects 10% return on his/her investment then suggest him/her if he/she should buy it or not.
There are 7 years, ₹100 face value debentures having 15% coupon rate available in the market at a price of ₹105 per debenture. These have a provision for redemption at par. If an investor expects 12% return on his/her investment then suggest him/her if he/she should buy it or not.
Capital structure of a company includes the following:(i) Equity share capital: 50,000 shares of face value ₹100 each (ii) Preference shares capital: 20,000, 12% shares of face value ₹100 each (iii) Debt of ₹30,00,000 bearing a coupon rate of 10%During the year, the company earned EBIT of
Show journal entries for the following transactions:(i) Ramesh started business with a cash ₹2,50,000(ii) Deposited cash into the bank ₹1,20,000(iii) Purchased furniture for ₹35,000 in cash(iv) Purchased goods from Deepak of ₹15,000 in cash(v) Purchased goods from Deepak of ₹12,000(vi)
The following items relate to Safety Valve Enterprises. Group these items in the different categories of assets, liabilities, income and expense. Owners capital Opening stock Power and fuel Factory supervision Sales promotion expenses Office rent Building Closing stock Bills
By taking the transactions of Example 1, make posting to ledger accounts and balance the accounts.(i) In the first transaction, cash account is debited because cash, i.e., an asset is increasing. Therefore, the entry is to be made to the debit of cash account. The second account involved in this
Show whether the following items are an expenses or not.(a) Purchased building of ₹2,00,000 and issued cheque(b) Purchased equipment of ₹50,000 from Mahesh Enterprises(c) Purchased goods of ₹30,000 and issued cheque(d) Paid rent for the month ₹10,000 in cash(e) Paid advertising
Prepare an income statement by using the following trial balance. Account Name Opening Stock Finished goods Raw material Purchase of raw material Direct wages Manufacturing expenses Administrative expenses Depreciation Preliminary expenses Written off Selling and distribution expenses Loss on sale
A businessman started a business on April 1, 2009 with ₹5,00,000 represented by 1,000 units of a product costing ₹500 each. During the year, he sold these items at the rate of ₹750 per unit and the owner also withdrew ₹2,50,000 for his personal purpose. The general price level in the
Show the following transactions by using accounting equation:(i) Ramesh started business with cash ₹3,00,000(ii) Deposited cash into bank ₹1,20,000(iii) Purchased furniture for ₹35,000 in cash(iv) Purchased goods from Deepak of ₹15,000 in cash(v) Sold half of goods to Mohan for ₹37,000 in
Pass journal entries and make ledger accounts.(i) Started business with cash ₹3,50,000(ii) Deposited cash into bank ₹1,10,000(iii) Purchased machinery for ₹33,000 in cash(iv) Paid rent ₹5,500 by cheque(v) Purchased goods of ₹45,000 from Ashok(vi) Paid wages for the month ₹3,500(vii)
Show whether the following items are an expenses or asset:(i) Purchased furniture of ₹2,00,000 and issued cheque(ii) Purchased machinery of ₹50,000 from DD Enterprises(iii) Purchased goods of ₹1,30,000 from Dilip Enterprises(iv) Paid wages for the month ₹10,000 in cash(v) Paid research
Classify the following items into different categories of assets as provided under India GAAP. Liabilities Owner's Capital Secured Bank Loan Bank Overdraft Sundry Creditors Tax payable Outstanding Expenses Balance Sheet as on March 31, 2010 Amount ()
ABL Ltd holds 60% shares with voting rights of Deepak Agro Ltd (DAL) and 51% shares of Amit Agro Ltd (AAL). DAL holds shares of the following companies:(i) XY Ltd 10% shares with voting rights (ii) LKL Ltd 75% shares with voting rights (iii) AAL holds 65% shares with voting rights of WWW Ltd.Show
Taking the data of Example 2, classify different liability items as provided under Indian GAAP.Data from Example 2Classify the following items into different categories of assets as provided under India GAAP. Liabilities Owner's Capital Secured Bank Loan Bank Overdraft Sundry Creditors Tax
The following deals were executed between SBI and PNB on January 21, 2011:Deal 1: Ten thousands GOI-2012 Series bonds of face value ₹100 each were purchased by SBI from PNB at a price of ₹95 per bond deal is to be settled immediately.Deal 2: Twenty thousands GOI-2015 Series bonds of face value
Differentiate between accruals and sundry creditors. How are both of these projected in the balance sheet?
Classify the following items into different assets and liabilities as these would appear in the balance sheet. Also identify expense and income items. S. No. 1 4 7 10 13 16 19 22 25 28 31 Land Item Equipments Bank overdraft Long-term investment Patents Capital Sales for the year Salary Outstanding
DDL Ltd. purchased 10% bonds of face value ₹50,000 on April 1, 2006 at a market price of ₹53,310. These are redeemable at par after four years. The implied interest rate for these types of bonds on the date of purchase was 8% per annum. DDL Ltd. categorized these bonds to be
Pass necessary journal entries in the journal for the following transactions: Date April 1 April 2 April 3 April 6 April 7 April 8 April 9 April 10 April 11 April 15 April 18 April 22 April 26 April 29 April 30 Transaction Owner started business with cash 5,00,000 Purchased furniture of 1,00,000 in
Pass necessary journal entries in the journal for the following transactions: Date 2010 January 1 January 2 January 3 January 3 January 4 January 5 January 6 Transaction January 7 January 8 January 12 Deepak started business with cash 2,50,000 and machinery worth * 1,50,000 Deposited cash into bank
DXL Ltd purchased 10% bonds of face value ₹50,000 on April 1, 2006 at a market price of ₹46,990. These are redeemable at par after four years. For these types of bonds, the effective (implied) interest rate on the date of purchase was 12% per annum. DXL Ltd. categorized these bonds to be
XYZ Ltd sold goods of MRP ₹20,000 to Nitish at 20% trade discount. The terms of credit sales were ‘2/14 net 30’. Nitish makes the payment within 10 days. Show the journal entry for this transaction, in the books of XYZ Ltd and books of Nitish.
D.D. Enterprises executed the following transactions: Date April 3 April 7 April 10 April 15 April 17 April 29 April 30 May 07 May 9 May 15 May 18 May 19 May 20 May 21 May 22 May 23 May 23 May 24 May 25 Transactions Started business with cash * 4,35,000 Paid rent for the month 15,000 Deposited cash
GP Ltd sold goods of MRP ₹10,000 to Nitish at 15% trade discount in cash. Show the journal entry for this transaction, in the books of GP Ltd and books of Nitish.
Sold goods of ₹20,000 to Mahesh. Subsequently received cash from Mahesh ₹19,800 in the final settlement of his account. Purchased goods from Deepak of ₹30,000. Subsequently issued a cheque of ₹29,500 to Deepak and he allowed discount ₹500.
A business enterprise gave away goods costing ₹10,000; 5,000; 3,000, respectively as free sample, as charity and for personal use of owner. Pass journal entry.
M/s Sunder Enterprise executed the following transactions. Record these in the purchase book. Date 12/5/10 16/5/10 20/5/10 21/5/10 Invoice No. 502 207 511 106 Transaction Goods of MRP 25,000 purchased from Naveen Enterprises at 20% trade discount Goods of MRP 44,000 purchased from Satish
M/s Sunder Enterprise executed the following transactions. Record these in the sales book. Date 13/5/10 16/5/10 22/5/10 24/5/10 Invoice No. 109 110 111 112 Transaction Goods of MRP 55,000 sold to Nitish Enterprises at 20% trade discount Goods of MRP 49,500 Sold to Ram Enterprises at 10%
M/s Sunder Enterprise executed the following transactions, record these in the purchase return book. Date 14/5/10 19/5/10 Invoice No. 007 008 Transaction Goods valuing 1,100 returned to Naveen Enterprises Goods of cost ₹ 3,200 returned to Satish Enterprises
D.D. Enterprises executed the following transactions: Date 2010 April 3 April 7 April 10 Transactions Started business with cash * 4,35,000 Paid rent for the month 15,000 Deposited cash into bank 2,50,000
M/s Sunder Enterprise executed the following transactions, record these in the sales return book. Date 21/5/10 26/5/10 01/6/10 Invoice No. 131 133 142 Transaction Goods of value Goods of value Goods of value 5,000 return by Nitish Enterprises 1,500 returned by Ram Enterprises 4,500 returned by
D.P. Enterprises executed the following transactions: Date 2010 June 1 June 3 June 4 June 7 June 10 June 15 June 18 June 24 June 26 Transactions Opening cash in hand 30,505 Paid rent for the month 5.200 Sold goods in cash 13,400 Received cash from Deepak 9,850 and allowed him a discount * 150 Paid
D.N. Enterprises executed the following transactions: Date 2010 April 1 April 2 April 10 April 11 April 15 April 17 April 18 April 19 April 20 April 21 April 24 April 29 April 30 Transactions Cash in hand 70,500 and bank balance 85,000 Paid rent for the month 15,000 by cheque Deposited cash into
Record the following transactions in appropriate subsidiary books: Date 2010 January 1 January 2 January 3 January 3 January 4 January 5 January 6 January 7 January 8 January 9 January 10 January 12 Transaction Deepak started business with cash 2,50,000 and machinery worth 1,50,000 Deposited cash
Record the following transactions in the petty cash book:On January 1, 2010 petty cash clerk was provided with an imprest amount of 1,000 and he/sheincurred the following expenses during the month:
Pass journal entries for the following transactions:(i) Purchased machinery from Lohia Ltd of ₹1,20,000 (ii) Purchased furniture from Gulab Enterprises of ₹35,000 (iii) Paid to Lohia Ltd by cheque ₹1,20,000 (iv) Written off depreciation on machinery ₹3,000
Show posting to ledger account for the transactions of Example 17.Data from Example 17Record the following transactions in appropriate subsidiary books: Date 2010 January 1 January 2 January 3 January 3 January 4 January 5 January 6 January 7 January 8 January 9 January 10 January
On March 31, 2010 cash book showed ₹30,000 debit on the same day pass book showed ₹19,640 credit balance. Upon scrutiny, the following items of difference were identified:(i) Cheques amounting to ₹ 12,400 deposited but not yet cleared by bank.(ii) Cheques amounting to ₹ 9,350 issued but
On March 31, 2010 cash book showed ₹10,000 credit balance and on the same day pass book showed ₹25,550 debit balance. Upon scrutiny, the following items of difference were identified:(i) Cheques amounting to 2,400 deposited but not yet cleared by bank.(ii) Cheques amounting to 6,000 issued
Show direct posting to ledger account for the following transactions:(i) Ramesh started business with cash ₹2,50,000(ii) Deposited cash into bank ₹1,20,000(iii) Purchased furniture for ₹35,000 in cash(iv) Purchased goods from Deepak of ₹15,000 in cash(v) Purchased goods from Deepak of
Show balancing of accounts by using the monetary transaction of Example 21.Data from Example 21Show direct posting to ledger account for the following transactions:(i) Ramesh started business with cash ₹2,50,000(ii) Deposited cash into bank ₹1,20,000(iii) Purchased furniture for ₹35,000 in
Record the following transactions in journal.(i) Ramson started business with cash ₹8,50,000 and a machinery of ₹3,00,000(ii) Deposited cash into bank ₹5,50,000(iii) Purchased furniture of ₹1,74,500 and issued cheque(iv) Purchased goods of ₹35,600(v) Paid rent ₹9,400 by
An accountant prepared the trial balance and short total ₹31,700 on debit side was debited to suspense account. Subsequently, before the preparation of final accounts, the following errors were detected:(i) Debit side bank column of cash book was under totalled by ₹150.(ii) A credit sales of
An accountant prepared the trial balance and short total ₹35,630 on debit side was debited to suspense account. The following errors were detected during the next financial year. Show how these are to be rectified.(i) Debit side bank column of cash book was under totalled by ₹ 150.(ii) A
Trial balance showed debit excess by ₹10,000. It was put to suspense account. At a later date before the preparation of final accounts, the following errors were found in the books of accounts. Rectify these accounts and prepare suspense account.(i) Cheque of ₹ 1,700 received from a customer
Show how the following adjustments are to be shown in the final accounts.Adjustments(i) Wages due but not paid so far 11,000(ii) Insurance premium paid on January 1, 2010 is for twelve months period(iii) Commission earned but not received so far 3,000(iv) Interest received includes 5,000 relevant
Trial balance of a business as on March 31, 2009 showed Sundry Debtors ₹ 70,000 and Bad Debts ₹ 2,000. The business wishes to maintain a provision for doubtful debts @ 5% for the next year.
Trial balance as on March 31, 2010 showed Sundry Debtors of ₹ 40,000; Bad Debts ₹ 2,700 and Provision for Doubtful Debts ₹ 3,500. It was decided to maintain provision for doubtful debts @5% of debtors for next financial year. Show how provision is to be maintained and projected in the final
Trial balance as on March 31, 2010 showed Sundry Debtors of ₹ 40,000; Bad Debts ₹ 2,700; Discount Allowed ₹ 250 and Provision for Doubtful Debts ₹ 3,500. It was decided to maintain provision for doubtful debts @ 5% of debtors and provision for discount on debtors @ 2% for next financial
Trial balance as on March 31, 2010 showed Sundry Debtors of ₹ 50,000; Bad Debts₹ 2,500; Discount Allowed ₹ 550; Provision for Doubtful Debts ₹ 2,200 and Provision for Discount on Debtors ₹ 760. It was decided to maintain provision for doubtful debts @ 4% of debtors and provision for
In the trial balance on March 31, 2009 building appeared at a gross value at ₹ 1,20,000. The company has the practice of charging depreciation @ 10% on this asset.
In the trial balance on March 31, 2009 building appeared at a gross value at ₹1,20,000. Being first year there was no provision for depreciation account in the trial balance. The company has the practice of charging depreciation @ 10% on this asset.
In the trial balance on March 31, 2010 building appeared at a gross value at ₹ 1,20,000 and provision for depreciation account at ₹ 12,000 in the trial balance. The company has the practice of charging depreciation @ 10% as per written down value basis.
On April 1, 2007 a business enterprise purchased amachinery at a cost of ₹ 70,000 and incurred ₹ 10,000 for its installation. The machine is being depreciated @ 20% on WDV basis every year. On March 31, 2010 the machine was sold for ₹ 41,500. Show the journal entries for this machine.
Show closing entries for the following accounts. S. No. 1 23 4 Capital a/c Machinery a/c Furniture a/c Salary a/c Insurance Premium a/c 8 Advertising Expense a/c 9 10 11 12 13 14 567 15 16 Cash a/c Bank a/c 17 18 19 20 Name of Account Bad Debts a/c Purchase a/c Stationery a/c Freight a/c Discount
On April 1, 2006 a business enterprise purchased a machinery at a cost of ₹ 1,00,000 and incurred ₹ 50,000 for its installation. The machine is being depreciated @ 10% on WDV basis every year. On March 31, 2010 the machine was sold for ₹ 90,000. Show the journal entries for this machine.
From the following trial balance, prepare manufacturing account, trading account as well as profit and loss account.Additional Information (adjustments) (Amount in ’000)(i) Closing stock of raw material, work-in-process and finished goods was 3,500; 6,000 and 4,000, respectively.(ii) Wages
XYLO Ltd purchased an electronic equipment costing ₹ 60,000 on April 1, 2007 this machine has a useful life of three years with zero salvage value at the end. The company decides to depreciate it using SLM of depreciation. The tax laws allow 100% depreciation in the year of purchase of the
The following is the profit and loss account and balance sheet of Sevadar International Ltd. Redraft these in vertical form. Particulars To Opening Stock Finished Goods Raw Material To Purchase of Raw Material To Direct Wages To Manufacturing Expenses To Administrative Expenses To Depreciation To
From the following balance sheet pass opening entry in the beginning of next accounting year. Liabilities Owner's Capital Secured Bank Loan Bank Overdraft Sundry Creditors Tax payable Outstanding Expenses Balance Sheet as on March 31, 2010 Amount
From the following trial balance, prepare trading account, profit and loss account and balance sheet.Additional Information (adjustments)(i) Closing stock was ₹8,200 crore (ii) Insurance premium for 6 months at the rate of ₹50 crore per annum was pre-paid.(iii) one month rent ₹35 crore was
Show opening entries and also show how the transactions for the year will be shown in journal.The following transactions were executed during April 2010:(i) Cash sales ₹1,20,000 (ii) Sold goods to Mohan ₹85,000 (iii) Purchase of goods ₹34,000 and issued cheque (iv) Paid rent by cheque of
Zigna Ltd sold goods priced ₹9,00,000 to Sigma Ltd. on July 1, 2010 for a credit period of two months, which is also the normal credit period in the industry to which Zigna LTd belongs. Zigna allows for delayed payment but not exceeding a total of 12 months from the date of sale. In such case,
Roopam Enterprises (RE) manufactures customer-specific water purifiers as well as standard water purifiers. It received a confirmed order (the order that is non-cancellable) from M.M. College (MMC) for the installation of both the types of water purifiers for which ₹2,00,000 for customized water
Apex Transport Company (ATC) owns the license to operate public transport vehicle on route no. 777. Sigma College (SC) wishes to use it license to operate for one round tour only and pays ₹35,000 license fee. ATC also passed on the license to GTC LTd for a period of two years by charging ₹
BJS College received grant of ₹ 35,00,000 from UGC. The details of the grant provided that ₹ 25,00,000 is for the construction of three rooms, ₹ 7,50,000 for computers and internet and ₹ 2,50,000 for books and journal. The work was to be completed in two years. The building was constructed
BGS College (BGS) was granted and paid a grant of ₹ 5,00,000 by UGC under border area. The major condition of the grant being released is that college should spend a total amount of ₹ 6,00,000 including the amount of grant over three years period for the development of a career counseling
BGS College (BGS) sanctioned and paid a grant amount of ₹ 2,00,000 for conducting classes for the minority students for a period of five years during the 11th Plan of government. The number of classes depends upon the enrolment of students. However, classes are to be run even only a few
Prepare final accounts for the year ending March 31, 2010 using the following trial balance:Additional Information:1. Closing stock was ₹4,11,500.2. Wages for the month of March 65,000 was due but not paid 3. Make provision for tax @ 20% of EBT.4. Transfer 50,000 to reserve account.5. Equity
On April 1, 2005 Gypsy LTd (GL) granted employee stock option plan (ESOP) to its employees for allotting 100 shares to each employee at a price of ₹ 20 per share, whereas face value and market value of the share on this date was ₹ 10 and ₹ 35, respectively. There were 400 employees who
The following balances have been taken from the books of Kashish Packaging Ltd as on March 31, 2010 (Rupees in crore):The following additional information is also available:1. Share capital is represented by ₹9,000 crore equity shares of 5 each fully called and paid.2. Profit and loss account
On April 1, 2007 Gypsy Ltd (GL) granted employee stock option plan (ESOP) to its employees for allotting 100 shares to each employee at a price of ₹ 20 per share on the vesting date that is after three years from the grant date, i.e., April 1, 2010. The face value and market value of the share
Falcon Ltd (FL) provides the following details about its financial results:Equity share capital ₹50,00,000, Current year’s profit ₹20,00,000, Average amount paid as equity dividend in the past three years ₹9,00,000. During the current year company wishes to declare a dividend of 14%.
Zeta Ltd (ZL) wants to declare dividend out of past reserves for the year ending 2009–10. Suggest how and what percentage of dividend it can declare as per rules. The relevant details are as follows:Paid-up equity capital ₹100 lakh, free reserves ₹40 lakh, loss of the current year ₹4 lakh.
Calculate net profit for managerial remuneration from the following information: Particulars Salaries and wages Repairs Miscellaneous expenses Workmen compensation (including 1,000 legal compensation) Compensation for breach of contract Donation to charitable fund Interest Depreciation (7,500 as
The following balances have been taken from the books of Kashish Hotels Ltd as on March 31, 2010 (Rupees in crore):Additional Information (rupees in crore):(1) Closing stock (wines 1,000; spirits 350; beer 175; cigar & cigarette 75; provisions 490;) = 2,090.(2) Insurance premium ₹200 is
Dee Ltd presents the following trial balance for the year ending March 31, 2010. Prepare final accounts.Adjustments Depreciate machinery by 10%; write off further bad debts ₹500 reserve 2% for doubtful debts on debtors and 2% for discount on creditors; goods costing ₹3,000 were destroyed by

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