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12th COMMERCE B.K.

ANAND CLASSES 9271008451

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12 COMMERCE

BOOK – KEEPING &


ACCOUNTANCY
INDEX
CHAPTER NAME PAGE
NO.
1.PARTNERSHIP FINAL ACCOUNTS 2-23
2.PIECEMEAL DISTRIBUTION OF CASH 24-38
3.AMALGAMATION OF FIRM 39-43
4. Conversion / Sale of a PARTNERSHIP 44-49
FIRM INTO A LIMITED COMPANY

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12th COMMERCE B.K. ANAND CLASSES 9271008451

CHAPTER NO. 1 PARTNERSHIP FINAL ACCOUNTS


Q. [1] From the following trial balance of M/S Ganesh and Vinayak ,You are require to prepare Trading,
Profit & Loss Account for the year ended 31st March 2011 & Balance Sheet as on that date after taking
into account the additional information:

Debit balance Amount Credit balance Amount


Opening stock 36000 Capital A/C: Ganesh 100000
Purchases 48000 Vinayak 60000
Wages 4800 Sundry creditors 20000
Carriage inward 2400 Bills payable 15600
Cash in hand 7600 Rent received 4400
Insurance 2400 Sales 105000
Postage & telegram 1400
Sundry debtors 42000
Land & building 80000
Furniture 56000
Travelling expenses 2600
Discount allowed 1800
Bad debts 4000
Bills receivable 16000
305000 305000
Additional information:
 Closing stock on 31st march 2011 was valued at ` 40000.
 Outstanding wages was ` 2000.
 Depreciate furniture by 10 %
 Insurance paid in advance ` 600.

Q. [2] Mr .Ajit & Mr. Sujit are partners sharing profit & losses in the ratio of 3:2. Their trial balance as on
31st march, 2012 was as follows. Prepare Trading & Profit & Loss A/c and Balance Sheet as on that day.
Particulars Amount Amount
Patents 32000 -
Ajit’s loan A/C - 10000
Land & building 75000 -
Loose tools 15000 -
Salaries 10800 -
Electricity charges 1400 -
Sundry debtors & creditors 2400 47000
Purchases & sales 62750 122000
Opening stock 21500 -
Wages 8500 -
Administrative expenses 4300 -
Power, fuel & oil 2750 -
Heating & lightning 1900 -
Interest 2900 2000
Export duty 1200 -
Capital A/C: Ajit 50000
Sujit 40000
Investment 24000 -
Reserve fund - 80000

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Bank overdraft - 11000
Cash in hand 2000 -
290000 290000
Adjustment:
 Stock on hand as on 31.3.2012 was valued at ` 17000.
 1/8th of the patents are to be written of
 Goods of `7000 destroyed by fire & insurance company admitted a claim of ` 6100.
 ` 1000 received on account is commission wrongly included in Ajit’s loan A/C
 Provide 8% depreciation on land & building & 5% on loose tools
 Outstanding expenses were: `1200 Salaries, Electricity Charges `1800.
 Our customer, Mr. Rakesh failed to pay his dues of `1000.

Q. [3] From the following trial balance of M/S Sharma and Varma ,You are require to prepare Trading &
Profit & Loss Account for the year ended 31st march,2013 & Balance Sheet as on that date after taking
into account the additional information. Partners share profit & losses in the Capital ratio.
Debit balance Amount Credit balance Amount
Sundry debtors 40000 Capital A/C: Sharma 90000
Purchases 175000 Varma 60000
Bad debts 1425 Sundry creditors 30000
Advertisement( for 3years) 4275 Bank overdraft 24500
Cash in hand 7000 Rent received 3500
Investment 35000 Sales 226750
Furniture 20000
Stock on 1st april2012 28000
Carriage 1200
Royalties 2500
Travelling expenses 1750
Freight 1400
Salaries 175000
Unproductive wages 1800
Printing & stationary 2100
Discount allowed 800
Leasehold property 95000
434750 434750
Additional information:
 Stock in hand as on 31.3.2013 was at cos 38000.
 Provide reserve for doubtful debts at 5% on Sundry debtors
 Goods worth ` 5000 destroyed by fire & insurance company admitted a claim of `4300
 Rent of ` 800 is receivable from the tenant.
 Depreciate furniture at 12 % p.a.

Q. [4] Tom & jerry are partners sharing profit & losses in their capital ratio. From the following Trial
balance and adjustments given below. Prepare Trading, Profit & Loss Account as on 31 st March 2014 and
Balance Sheet as on that day.
Debit balance AMOUNT Credit balance AMOUNT
Plant & machinery 120000 Capital A/C: Tom 192000
Purchases 340000 Jerry 128000
Building 48000 Sundry creditors 80000
Advertisement 16000 Bills payable 72000
Cash in hand 6000
Sundry debtors 144000 Sales 640000

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12th COMMERCE B.K. ANAND CLASSES 9271008451
Furniture 32000
Office rent(paid for 20000
10months)
Bills receivable 48000
Stock on 1st april2010 88000
Return inward 20000
Carriage 8000
Salaries 76000
Motive power 12000
Wages 112000
Insurance 4800
Postage 7200
Commission 10000
1112000 1112000
Additional information:
 Closing stock was valued at market price of ` 176000 which is 10 % above the cost
 Depreciate Plant & machinery & Building at 20 % & 10 % respectively.
 Goods withdrawn by Tom of ` 20000 during the year were not recorded in the books of accounts.
 Bad debts were `4000 & provide for R.D.D at 5 % on Sundry debtors.
 Goods worth `4000 were purchased & included in closing stock but not recorded in the books of
accounts.
 Dishonoured bill payment of ` 8000 was wrongly included in bills receivable however balances of
debtors and creditors were taken correctly.
[5] Sachin & Nilesh are partners sharing profit & losses equally. From the following trial balance &
adjustment you are require to prepare trading & profit & loss Account as on 31 st march,2015 and
balance sheet as on that day

Debit balance Amount ` Credit balance Amount `


Salaries 7500 Capital A/C: Sachin 4750
Purchases 102500 Nilesh 3800
Audit fees 3750 Sundry creditors 52500
Drawing A/C: Sachin 5000 Bank O/D 17250
Nilesh 4000 Current A/C : Sachin 4750
Machinery 32000 Nilesh 3800
Motor van 40000 Sales 207650
12% debentures 25000
Opening stock 38200
Import duty 6400
Wages 4150
Factory rent 2250
Brokerage 2400
Cash at bank 22800
Sundry debtors 45000
Land and building 75000
415950 415950
Adjustment :
 Stock on hand as on 31.3.2015 was valued at `41000.
 O/S expenses were : Salaries `1500,Audit fees `1250
 Interest on partners capital at 5 % is allowed while interest is charged at 4 % p.a.
 Depreciate machinery at 12.5 % & motor van 8% p.a.
 Sachin is entitled to get salary at ` 400 p.m. & Nilesh is to get 4% commission on gross profit.
 Sales includes sale on machinery of ` 2000 which is sold on 1 st April,2015.
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Debentures purchase on 1 October,2015.

[6] Abhijeet & sujeet are partners sharing profit & losses in the ratio of 3/5 & 2/5 respectively. From the
following trial balance & adjustment you are require to prepare trading & profit & loss Account as on
31st march,2016 and balance sheet as on that day
Trial balance as on 31st march 2016
Debit balance ` Credit balance `
Drawing A/C: Abhijeet 6000 Capital A/C: Abhijeet 132000
Sujeet 4000 Sujeet 88000
Land & Building 170000 Sundry creditors 81900
Plant(Addition on 90000 Bank O/D 80000
1.1.2016`20000)
Opening stock 44000 R.D.D 2000
Sundry debtors 69200 Sales 169000
Wages 13500
Cash at bank 6500
Purchases 122500
Rent Rates & insurance 4500
Furniture 50000
Carriage 2100
Salaries 76000
Bad debts 3200
Office expenses 5400
598500 598500
Adjustment :
 Closing stock was valued at cost of ` 340000 & market price ` 40000.
 Depreciate plant @ 10 %p.a.
 Insurance was prepaid ` 600.
 Office expenses include personal expenses of sujeet ` 800.
 Maintain reserve for Doubtful debts at 5% on Sundry debtor
[7] Following is the trail balance of Premlal & Sundarlal as on 31.3.2017

Trial balance as on 31st march 2017

Debit balance ` Credit balance `


Stock on 1.4.2015 90000 Capital A/C: Premlal 105000
Purchases 225000 Sundarlal 135000
Building 108600 Sundry creditors 90000
Drawing: Premlal 33000 Discount received 3000
Sundarlal 30000 Purchase return 3000
Sundry debtors 153000 Sales 375000
Wages: productive 10500
un productive 1800
Sales return 7200
Rent rates & insurance 10200
Salaries 18600
Bad debts 1200
Discount allowed 3900
Machinery 45000
Cash 3000
741000 741000
Adjustment :
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12th COMMERCE B.K. ANAND CLASSES 9271008451
 Closing stock was valued on31.3.2017 at market price `60000 which was 20% above its cost price.
 O/S productive wages `60
 Rent rates & insurance include insurance ` 1600 paid for one yearending on 30 th june 2017
 Maintain R.D.D AT 5% ON debtors
 Depreciate Building BY 5% & Machinery AT 10 %P.A.
 Goods costing ` 2500 were distributed as free sample for which no record has been made in the
books.
 6 month’s interest is due on bank overdraft at 10 % p.a.
Prepare trading & profit & loss Account as on 31st march,2017 and balance sheet as on that day.
[8]From the following trial balance of M/S Sanjay and Keshav ,You are require to prepare trading & profit
& loss Account for the year ended 31st march,2018 & balance sheet as on that date after taking into
account the additional information.
Debit balance ` Credit balance `
Opening stock 180000 Sales 525000
Purchases 240000 Rent 22000
Bills receivable 80000 Bills payable 78000
Bad debts 20000 Sundry creditors 100000
Salary & wages 24000 Capital A/C
Discount inward 9000 Sanjay 500000
Travelling expenses 13000 Keshav 300000
Cash in hand 38000
Furniture 280000
Insurance 12000
Land and building 400000
Postage & telegrams 7000
Sundry debtors 210000
1525000 1525000

Adjustment :
 Insurance paid in advance ` 3000
 Depreciation provided on furniture at 10%
 Salary & wages O/S `6000
 Rent received in advance `5000
 Closing stock as on 31.3.2018 `200000

BILLS OF EXCHANGE [ TRADE BILLS ]

Q.1] On 1st October,2011 Nehalika draws a bill for ` 20000 on Tanaya for 4 months period. The bill was
duly accepted & returned to Nehalika. One month after the date, Nehalika discounted the bill with her
bank @ 12% p.a. Before due date, Tanaya dishonoured her acceptance. Bank paid noting charges ` 125.
Tanaya requested to renew the bill for further period of 2 months.
Nehalika agreed, she took the bill back from bank & received new acceptance for 50% amount of the bill
plus full amount of noting charges & cash for balance 50% plus interest ` 200.Before the due date
Tanaya was declared as insolvent & nothing could be recovered from her private estate.

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Q.2] Journalise the following bill transaction as on 21 May,2010 in the books of Pratham.
(A) Renewed Venkatesh’s acceptance of ` 7000 due on 21st May,2010 with interest `500 for 2 months.
(B) Bank informed that Laxmipati’s acceptance of ` 4000 which was discounted dishonoured, bank paid
noting charge ` 85.
(C) Veermani informs Pratham that Sonali’s acceptance for ` 7000 endorsed to Veermani has been
dishonoured Noting Charges amounted to ` 80.
(D) Shrivastav honoured his acceptance of ` 4900 which deposited into bank for collection.

Q.3] Journalise the following transaction on following dates in the books of Vaishnavi.
(A) On 1st October 2011 Shrikant informs Vaishnavi that Navnath’s acceptance of ` 25000 endorsed to
him dishonoured & Noting charges paid ` 350.
(B) On 11st October 2011 Subhodh’s acceptance for 90 days `6500 dated & recorded on 24 th
September,2010 deposited into bank for collection.
(C) On 15st October 2011 Vaishnavi sold goods to Vina for `1500 & received her acceptance for the same
amount which was endorsed to Vrinda.
(D) On 25st October 2011 ,recovered 25% of the amount due from the private estate of Sampada who
was declared as insolvent, against bill accepted by her for ` 8000 which was dishonoured on 29 th
September 2011 & noting charges paid ` 100.
(E) On 31st October Vaishnavi renews her acceptance of `9000 to Arundhati by paying cheque ` 4000 &
accepting new bill for 2 months for the balance plus interest @ 12 % p.a.

Q.4] On 14th May 2012 Devidas sheth sold goods on Credit & for the said amount due, draws a bill on
Khushal sheth for ` 30000 at 4 months. Khushal sheth accepted it & returned to Devidas sheth. On 17 th
June,2012 Devidas sheth discounted it with his bank @ 16% p.a.
On due date Khushal sheth dishonoured his acceptance & bank paid noting charges`250.Then Khushal
sheth requested Devidas sheth to renew it. He agreed on the condition that Khushal sheth pay interest
on the balance due @ 18%p.a. plus noting charges by cheque, & should accept new bill for the balance
at 2 months. These arrangement were carried through.
Before due date Khushal sheth was declared as insolvent. On 15 th December,2012 Devidas sheth
recovered 40% of the amount due from his private estate as final dividend.
Give Journal entries inthe books of Devidas sheth also prepare Devidas sheth’s Account in the books of
Khushal sheth.

Q.5] On 5th September 2010 Prakash Accepted a bill of `16000 drawn by Chandu for 3 months. This bill
was drawn for the amount which Prakash owed to Chandu . On the same date Chandu purchas4ed
goods from Magan for `20000 for his Chandu endorsed Prakash’s acceptance in favour of Magan &
accepted 2 months bill for the balance due. On 5th October,2010 Magan discounted both the bills with
his bank @ 12%p.a. On the due date Prakash honoured his acceptance while Chandu was unable to
make the payment for his acceptance. Magan’s bank paid noting charges `100.
Pass Journal entries int he books of Magan & also prepare Prakash’s & Magan’s ledger Account in the
books of Chandu.

Q.6] Journalise the following transaction on following dates in the books of Gajanan.
(A) On 3rd October 2012 Bankatlal informs Gajanan that Navnath’s acceptance of `16000 endorsed to him
dishonoured & noting charges paid `200.
(B) On 9th October 2012 Vishwanath’s acceptance for `120 days of ` 15500 dated 24 th September 2088
deposited into bank for collection.
(C) On 11th October 2012 Gajanan sold goods to Kartik for `4500 & received own acceptance from him,
which was given to Milind of `4500 & due for payment on this date.
(D) On 20th October 2012 recovered 40% of the amount due from the private estate of Jyoti who was
declared insolvent against bill accepted by her for ` 6000 which was dishonoured on 29 th September
2008.

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(E) On 21 October 2012 Gajanan Renews his acceptance of ` 7500 to Pandurang by paying cheque
`3500 & accepting new bill for 2 months for the balance plus interest @ 18 % p.a.

Q.7] Soham sold goods to Rohan worth `30000 on 1 st March,2010.Rohan accepted a bill for 3 months
drawn on him by Soham on 1 st March,2010 . On 21st May, Rohan requested that the bill be renewed for a
further period of two months. Soham agreed provided 10 % interest p.a. would be charged. Soham then
drew a new bill for the amount of original plus interest @ 10% p.a. for two months.
Rohan accepted the new bill. On the due date new bill was honoured.
You arerequire to give Journal entries in the books of Soham & Rohan.

Q.8] On 11.9.2011 Arun sold goods for ` 1000 to Varun & draw upon him abill of exchange payable 3
months after date. Varun accepted the bill & returned the same to Arun. On the due date bill was met by
Varun. Record necessary Journal entries in the books of Arun & Varun in the following circumstances.
(1) When the bill was retained by Arun till the date of its maturity.
(2) When the bill was endorsed immediately by Arun in favour of his creditor Suresh.
(3) When Arun immediately discounted the bill @ 12% p.a. with his bank.
(4) When three days before its maturity, the bill was sent by Arun to his Bank for Collection.

Q.9] On 14th May 2010 Vinita bought goods for ` 16000 from Vasudha & agreed to pay the amount due in
two equal instalments falling due for payment after 3 & 4 months. Accordingly on same day Vasudha
drews two bills for the equal amount for 3 & 4 months period respectively which Vinita accepted &
returned immediately. On 21st May Vasudha sent 4 month acceptance to her bank for collection.
On the due date of the respective bills; Vinita honoured 3 month acceptance & dishonoured the second
for which Vasudha paid noting charges ` 40 & her bank debited `30 for bank charges. However on 21 st
September 2010 Vinita issued a cheque in full settlement of her account.

Q.10] On 1st August 2010 Swapnil sold goods to Swapnali on `20000 & drew two bills of 60% & 40 % of
the amount due from Swapnali for 3 & 4 months period respectively. Swapnali accepted & returned it to
Swapnil immediately. On 1st September 2010 swapnil sent 3 months acceptance to her bank for
collection & discounted 4 months acceptance with her bank @ 18% p.a.
On the due date of the respective bills,Swapnali honoured 3 months acceptance for which debited `50 as
bank charges. On due date of 4 months acceptance Swanali dishonoured for which Swapnil’s bank paid
noting charges `100.
Pass Journal entries in the books of Swapnil & prepare Swapnali’s account in their ledger.

Q.11] On 10st August 2011 Ramchandra drew a bill of `11000 for 90 days after date on Vikaschandra. On
16th August 2011 Ramchandra purchased goods from Harishcahndra worth `15000 at 10% trade
discount on credit.On same date Ramchandra endorsed Vikaschandra’s bill in favour of Harishcahndra’s
& paid the balance by cheque. On the same date Harishcahndra discounted the bill with his bank for `
10750.
On the date of maturity of bill, government declared emergency holidy; Harishcahndra’s bank presented
the bill, as per the provision of Negotiable instrument Act, which was met by Vikaschandra.
You are require to Pass Journal entries in the books of Ramchandra, Vikaschandra & Harishcahndra .

Q.12] On 5th September 2010 Tinku accepted a bill of ` 6000 drawn by Rinku for 3 months after sight.
This bill was drawn for amount which Tinku owned to Rinku for goods bought on credit. On same date
Rinku purchased goods from pinku for ` 8500. For this settlement of amount due, Rinku endorsed Tinku’s
acceptance in favour of Pinku & accepted 2 months bill of balance.
On 5th October 2010 Pinku discounted both the bills with his bank @ 15% p.a. On the date Tinku
honoured his acceptance while Rinku was unable to make the payment for her acceptance.
Pinku’s bank paid noting charges `100.
Pass Journal entries in the books of Pinku & also prepare Tinku’s & Pinku’s ledger account in the books of
Rinku.

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Q.13] Amit of Malakpur draws a bill on Ajay of Amaravati for `12000 at 3 months. Ajay accepts & return
it to Amit. Amit then send the bill to his bank for collection.
On due date ,Ajay finds himself unable to make payment of the bill & requests Amit to renew it. Amit
accepted the proposal on the condition that Ajay should pay `2000 on account along with interrst `500 in
cash & should accept new bill for the balance at 2 months. These arrangement were carried through.
One month before due date Ajay retired his acceptance by paying `9700.
Give Journal entries & Ajay’s account in the books of Amit.

Q.14] Snehal owes Akshay `25000. Akshay draws a bill for `21000 on Snehal for 3 months period &
received the cheque for the balance . The bill is duly accepted & returned to Akshay. On the same date
Akshay endorsed Snehal ‘s acceptance to Amol.
On the due date Amol informed Akshay that Snehal dishonoured her acceptance & paid `175 as noting
charges. Akshay then drew new bill for 1 month on Snehal including noting charges & interest `600. On
due date snehal honoured the bill by cheque.
Give Journal entries in the books of Akshay & prepare Akshay’s A/C in the books of Snehal.

Q.15] On 7th May2011 Barve draws a bill on Lange for `8000 at 3 months. Lange accepts & return to
Barve. Barve then send the bill to his bank for collection.
On due date Lange finds himself unable to make the payment of the bill & request Barve to renew it.
Barve agreed on the condition that Lange should pay `5000 in cash & should accept new bill for the
balance at 2 months with interest `200. These arrangement were carried through. On 1 st Before due date
Lange was declared as insolvent & `1500 could be recovered from his private estate as first & final
dividend.
Give Journal entries in the books of Barve & Lange.

Q.16] On 1st April,2012 Kantilal drew a bill of `18000 on Maganlal for 4 month. The bill was duly accepted
by Maganlal. On 5th april,2012 Kantilal endorsed thebill in favour of Shankarlal. However on 1 st Augest
2011 Maganlal approached to Kantilal & requested bill be renewed for a further period of 3 months at
15 % p.a. Kantilal agreed & paid necessary money to Shankarlal. Before one month of the due date of
the new bill Maganlal retired his acceptance @ 10% p.a.
Pass Journal entries in the books of Kantilal & Maganlal .

Q.17] Journalise the following bill transaction as on 31st Jully,2013 in the books of Omkar.
[A] Renewed Vartak’s acceptance of `6000 due on 31 st July,2012 accepting cash `2000 & drawing bill for
the balance with interest @ 18% p.a. for 2 months.
[B] Accepted abill of `5000 at 3 months, drawn by Avinash for the amount due to him `6000 & balance
paid in csh.
[C] Fattehcand honoured his acceptance of `9000 which was deposited into bank for collection & bank
debited `80 for bank charges.
[D] Bank informed that Laxmi’s acceptance of `14000 which was discounted dishonoured, bank paid
noting charges `85,renewed at Laxma’s request for next 1 month with interest `215.

Q.18] Hitesh sold goods for `4500 to Ashok on 1.1.2010 & drew upon him a bill of exchange payable 2
months after sight. Ashok accepted the bill & returned the same to Hitesh. On the date bill was met by
Ashok.
Record the necessary Journal entries in the books of Hitesh & also prepare Ashok’s accopunt in his
books.
[A] When the bill was retained by Hitesh till the date of its maturity.
[B] When Hitesh immediately discountedthe bill @ 15 % p.a. with his bank.
[C] When three days before its maturity, the bill was sent by Hitesh to his bank for collection.
[D] When the bill was endorsed immediately by Hitesh in favour of his creditor Venkant.

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Q.19]On 2nd Jan 2014 Kiran purchased goods from Kedgaon for ` 4850 & gave her acceptance to after
date bill for 60 days on 5th Jan 2014 for the same amount. On the same date Kavita of Kedgaon deposited
the bill in the bank for collection. On the due date Kiran honoured his acceptance . You are require to
pass Journal entries in the books of both the parties.

Q.20] On 1st August 2015 , Omkar drew a bill of `10000 for 60 days after on Chandra. On 14 th
August,2015 Omkar purchased goods from Hari for `12000 .On the same date omkar endorsed
Chandra’s bill in favour of Hari & paid the balance by cheque at 1 % cash discount. On the same date Hari
discounted the bill with his bank for `9500.
On the due date Chandra honoured his acceptance.
You are require to pass Journal entries in the books of Omkar, Chandra & Hari.

OUR SUCCESSFUL STUDENTS OF T.Y.B.COM SEM 5


NAME COLLEGE GRADE

MS. MAYURY BIDVI MUTHA KALYAN A [81% FA]

MS. PRIYA CHAVRE BIRLA KALYAN A [78% FA]

MS. JENNY SHINDE MUTHA KALYAN B [68% FA]

MS. MEGHNA CHAVRE BIRLA KALYAN B [70% FA]

OUR SUCCESSFUL STUDENTS OF T.Y.B.M.S. SEM 5


NAME COLLEGE GRADE

MS. JAGRUTI BHOIR AGRAWAL KALYAN A

MS. NEETA GONDHALI AGRAWAL KALYAN A

MS. SUVERNA THENGE AGRAWAL KALYAN A

MS. MINAKSHI KHANDEKAR AGRAWAL KALYAN B

ALL THE BEST FOR YOUR SUCCESS


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