tr

1. Write a note on reco upment of Short Workings 2. Write a note : (a) New Profit Sharing ratio (b) Gain ratio 3. Aruna and Appu are partners sharing profits and losses in the ratio of 3:2. They admit Akarsh th

and give him 1\5  share. Aruna and Appu agree to share the remaining profits between themselves in the ratio of 2:1. Calculate the profit sacrifice ratio of Aruna and Appu 4. From the following information prepare receipts and payments account for the year ended 31.12.2007 Rs.

Rs.

Cash 1.1.2007

10,000

Sundry expenses paid

Subsriptions

20,000

Investments bought

Entrance free

5,000

Honorarium of secretary

1,500

Locker rent

2,000

Rent paid

2,000

Bank charges paid

21,000 1,000

500

5. Prepare income and Expenditure A\c for the year ended 31.12.2007. Rs. 1.

Admission fees collected including Rs.40,000

1,90,000

2.

Admission fees outstanding for 2007

5,000

3.

Salary paid including Rs. 4,000 on account of 2006

49,000

4.

Salary outstanding for 2007

5.

Entertainment expenses

22,500

6.

Meeting Expenses

12,000

7.

Purchase of books

10,000

8.

Rent and Postage

30,000

9.

Donations(capitalized)

30,000

4,500

Admission fees to be treated as revenue receipt PART B Answer any TWO question 10 Marks Marks each 6. Write a note on garner vs Murray decision in the dissolution of partnership firm? 7. What are the adjustments to be made in the books of firm at the time of the retirement of a partner? 8. Guddappa ,Basappa,Ulliveppa were partners in the firm sharing profits in 2:2:1ratio.The partnership deed provided provided that in case of death of a partner,the executors were entitled to : 1.His capital as per the previous balance sheet 2.His share of profit to the date o f death.Caluclated on the basis of proportion profit of previous year 3.His share of goodwill on the basis of two years purchase of the average profits of the preceding three years. 4. Intrest on capital at 6% p.A st

Guddappa died on 31.3.2008. The books were closed on 31  December each year.The following were profits of firm for previous thre e years;

2005-Rs 52,000, 2006- Rs. 56,000 and 2007- Rs.48,000 Guddappa capital on 31.12.2007 was Rs.20,00 and h is drawings to the date of death was Prepare Guddappa executors account. 9. Anantha and Ram agreed to dissolve the partnership on 31 .12.2007 on which date their balance sheet as follows: Balance as on 31.12.2007

Liabilities

Rs.

Assets

Creditors

8,000

Bank

4,000

Ram’s loan

6,000

Debtors

6,000

Capitals:

Stock

Rs.

20,000

Anantha

20,000

Furniture

4,000

Ram

15,000

Plant & Machinery

18,000

Reserve Fund

6,000

Goodwil

55,000

3,000 55,000

The partners share profits and losses equally.The assets realized as follows: Stock Rs 28,000,Debtors Rs 5,800,Furniture Rs 3,700,Plant & Machinery Rs 17,000 The creditors were paid off 5% discount.The cost of dissolution amounted to Rs 500 Prepare necessary accounts in the books of firm. PART-C Answer any three questions.15 Marks each 10. What do you mean by goodwill ? What are the different methods of valuation of goodwill? 11. What do you mean by Non-trading concerns? Write difference between receipts and payments account and income and expenditure account. 12. On 1.1.2005 Anu Computers purchased a computer from Shreya on Hire purchase system on the following terms. (i)

Cash price of the computer was Rs. 20,000

(ii)

Cash down payment Rs. 8,000 and the balance to be paid in three equal annual instalments plus intrest at 6% on outstanding balance. It was dec ided to depreciate the computer at 5% P.A. On diminishing balance each year.

From the above details computer A\c , Shreya’s A\C , depreciation A\C in the books Anu computers. 13. Byadgi coal to leased out a coal mine from Basu. Royality is Rs. 20 per tone of coal raised. Minimum rent is 400000 P.A . Short workings c an be recouped during first 5 years of lease out is as follows:

Year

Output in tonnes

2003

2,500

2004

12,000

2005

20,000

2006

30,000

2007

30,000

Write up minimum rent A\C , Royalities A\C , Short workings A\c and Basu’s A\c in the books Byadgi coal company. 14. The following are the Balance sheet on 3 1.12.2007 of Suresh and Jagu who were sharing profits in the ratio of 2:1 Balance sheet

Liabilities

Rs.

Creditors

65,900

Assets

Capitals: Suresh Jagu

30,000 20,000

Rs.

Cash

1,200

Debtors

9,700

Stock

20,000

Building

50,000

Plant & Machinery

35,000

1,15,900

1,15,900

They agreed to admit Sateesh into partnership on the following terms : a) Sateesh was to be given 1/3 share in profits was to bring Rs. 15,00 0 as capital and Rs. 6,000 as goodwill b) That the value of stock , plant and machinery were to be reduced by 10% c)

That a provision of 5% was to be credited for bad and doubtful debts

d) That the building was to be appreciated by 20% e) Investment worth Rs. 1,400(not given in B\S) were to be credited into account f)

That the amount of goodwill was to b

MAY/JUNE 2008 PART –A Answer any three questions five marks each. 1. Write a brief note on Royality and Short workings. 2. Write a note on Hire Purchase.

3. From the following details of a Non trading organization as on 1.1.2008. Prepare Balance sheet and find out capital fund. Value of buildings Rs. 10,000 Value of Furniture Rs. 2,000 Value of Sports material Rs. 1,000 Cash in hand Rs. 500 Subscriptions outstandings Rs. 300 Rent of a building prepaid Rs. 200 Watchman’s salary outstanding Rs. 500 Subscriptions from members received in advance Rs. 300 Loan Rs. 2000 4. A and B are partners sharing profits and losses in the ratio of 3:2 they admit C and give him ¼ share . calculate the new profit sharing ratio of the partners . 5. From the following calculate the amount of royality payable each year if Royality rate is Rs. 10 per copy sold . Year

No. of copies printed

unsold copies

2004

2000

100

2005

3000

200

2006

4000

400

2007

5000

500

2008

6000

600 PART-B

Answer any Two questions. 10 marks each. 6. Explain the adjustments to be in the books of the firm at the time of the retirement of a partner. 7. Mention and briefly exjplain the adjustments to be made for ascertaining the account payable from the firm to the deccased partner. 8. From the following information relating to Sagar Cricket Club , prepare an income and st

expenditure account for the year ending 31  March 2008 and a balance sheet as on that date. Receipts and payments accounts for the year ended 31.3.2008 Receipts To subscriptions “ Admission fees “ Sale of old bats, pads etc “ Rent of grounds

Rs. 5,000 300 50 300

Payments By upkeep of grounds

Rs. 2,000

“ Tournament expenses

700

“ Rates and insurance

300

“ Printing and stationary

100

“ Tournament Subscription s

1,000

“ Secretary’s salary

“ Drawn from bank

4,000

“ Purchase of grass seeds

“ Donations

10,000

170 30

“ Purchase of balls, bats etc

700

“ Deposits of bank a/c

16,650

----------

----------

20,650

20,650

---------

---------

Additional informations. Capital fund on 1.1.2007 Rs. 3,000 Balance on cash at Bank Rs. 3,000 Donation are to be capitalized. Adjustments to be made st

1) Subscription outstanding at 31  March 2008 Rs. 700 2) Write of 20% of the value of bats and balls and 25% of printing and stationery. 9. A, B and C share the profit and losses in the ratio of 2:3:5. The balance sheet as on 31.12.2007 was as under

Liabilities

Rs.

Capitals

Assets

Rs.

Cash

18,000

A

36,000

Bills receivable

21,000

B

44,000

Furniture

28,000

C

52,000

Stock

44,000

Creditors

64,000

Debtors

42,000

Bills payable

32,000

Investments

32,000

Profit & loss a/c

14,000

Machinery

34,000

Goodwill 2,42,000

20,000 2,42,000

They admit D into partnership on the following terms: a) Furniture, investments and machinery to be re duced by 15% b) The value of stock to be taken at Rs. 48,000 c)

Goodwill to be valued at Rs. 26,000

d) D to bring Rs. 32,000 towards capital for 1/6 share and old partners adjust their capitals accordingly e) Outstanding rent amounted to Rs. 1,800 f)

Prepaid salaries amounted to Rs. 800

g)

Adjustments of capital to be made by cash

Prepare revaluation a/c and capital a/c of old partners. PART-C Answer any Three question . 15 marks each. 10. Give the meaning of non-trading organizations with examples. Write the differences between an income and expenditure account and a rec eipts and payment account. 11. Explain the applicability of the rule in Garner Vs Murray in the dissolution of partnership firms. 12. Srushti collieries Ltd leased some land for a m inimum, rent of Rs. 3,000 for the first year , Rs. 5,000 In the second year and thereafte r Rs. 10,000 p.a. merged into a royality of 50 paise per ton with power to recoup short workings over the years after the occurring of short workings. The annual outputs for 5 years commencing from 2002 were: Year

Output in tons

2002

3,000

2003

8,600

2004

22,000

2005

18,000

2006

30,000

There was a provision in the lease that, in the event of a strike and the minimum rent not being reached the actual royalties earned for t he year discharge all rental obligations for that year. Prepare : a) Minimum rent a/c b) Royalties a/c c) Short workings a/c d) Land lord a/c in the books of Srushti Colliers Ltd. 13. On 1.1.2007 Bombay Taxi Company purchased a car on hire purchase on the following terms a) Cash price of the car was Rs. 10,000. Down payments Rs. 4,000 b) Balance to be paid on the three equal installments’ plus interest on the outstanding balance at Prepare: Car account, hire sellers account, interest account and depreciation account in the books of the Bombay Taxi Company. Deprecation on the car is to be charged at 25% on straight line method. Also show the workings on interest calculation. 14. A,B and C were partners sharing profits and losses in the proportion of 3:2:1 respectively . Their balance sheet as on 1.4.2008 was under Rs.

Rs.

Creditors

14,000

Cash

10,000

Reserve

12,000

Debtors

16,000

Stock

25,000

CAPITALS: A

39,000

Plant

21,000

B

20,000

Premises

24,000

C

11,000

70,000 -----------

----------

96,000

96,000

----------

-----------

On the above date A retaired on the following terms: a) A to be paid Rs. 60,000 in full setelment of all claims including goodwill b) The amount due to A be settled as follows: A to take 1:2 of stock; ¼ of debtors and ½ of pre nuises c)

The balance due to A to be paid later

d) Plant to be depreciated by Rs.1,000 , premises to be revalued at Rs. 30,000 and stock to be revalued at Rs. 26,000 Prepare revaluation , partners capital account and continuing partners balance sheet. October/November 2007 (2003 Scheme) PART –A Answer any THREE questions 5 marks each 1. Give the meaning of Dead Rent and Short Workings. 2. What is Hire Purchase ? How does it differ from sale. 3. From the following information prepare Receipts and Payments Account. Rs. Opening balance of cash in hand

2,000

Subscriptions received

8,000

Interest received

4,000

Salaries

4,000

Rent Paid

300

Sundry expenses

200

Stationery

1,500

Investments made during the year

4,000

Telephone charges

1,500

4. A T.V. was purchased on Hire purchase system the terms of payments are as follows Rs. 2,000 to be paid on signing the agreement Rs. 2,800 at the end of the first year

Rs. 2,600 at the end of the second year Rs. 2,400 at the end of the third year Rs. 2,200 at the end of the fourth year If interest is charged at the rate of 10% p.a. What is the cash price of the T.V. 5. Ram , Lakshman and Bharath are partner sharing profits and losses in the ratio of 3:2:1. Bharath returns and his share is gained by Ram 1/24 and Lakshman 1/8. Caluclate the New Profit Sharing of Ram and Lakshman. PART-B Answer any Two questions . 10 marks each. 6. Explain the treatment of Goodwill at time o f Admission and Retirement of a partner. 7. What is the principle in Garner Vs Murray ? When it is applicable ? 8.

The following is the Balance Sheet of A, B and C who shared profits and losses in the ratio of ½ , 1/3 and 1/6 respectively.

APRIL/MAY 2006 (2003 Scheme) Answer any Three questions 5 marks each . 1. Explain the rule laid down is Garner Vs Murray decision. 2. Caluclate the interest for each instalment from the following. st

On 1  January 2000 A purchased a T.V on hire purchase system the cash price of the T.V is Rs .7,450 the payment is made as follows .Rs.2000 on signing the agreement and Rs. 2000 annually for 3 years.. 3. X,Y and Z are the partners in a firm sharing profit and losses I the ratio of 3:2:1.Y retires from the firm, his share is gained by X and Z in 1:1 ratio. Find new ratio of X and Y. 4. Explain the following a) Short working b) gaining ratio 5. A and B are partners sharing profits and losses in the propotion of 7:5 . They agreed to admit C th

th

into partnership who is to get 1/6  share in profits . The acquires t his share as 1/24  from A and th

1/8  from B. Find out new profit sharing of all partners. PART-B Answer any two questions . Each question carries 10 mar ks . 6. Distinguish between Income and Expenditure and Receipts and payment account. 7. From the following prepare income and expenditure account for the year ended 31.12.2004 To,balance b/d

By salaries & wages

Cash in office 4,000 Cash at bank

500

To subscription

By Rents and rates

2,000

4,500

By printing and stationery

100

30,000

By postage and telegraphs

400

(including Rs1,000 for 2003) To,interest on investment

40,000

By purchase of bicycle

2,000

10,000 By purchase of govt.security

1,500

To bank interest

500

To sale proceeds of a jeep

3,000

By balance c/d cash in office

500

Cash at bank 1,500 48,000

2,000 48,000

Adjustments 1.

Subscriptions outstanding for the current year Rs. 8000

2. The amount due towards salaries & wages and printing and stationery are Rs. 1,500 and 500 respectively. 8. What is joint life policy ? Explain the treatment of joint life policy in partnership account . 9. A, B,c and D are partners sharing profit in the ration of 2:2:1:1. There balance sheet as on 31.12.2004 was as follows. Liabilities

Assets

Capital Accounts

Fixed assets

20,000 10,000

A

14,000

Debtors

B

12,000

cash at bank

C

2,000

D

1,600

Creditors Bills payable

Profit A/C

2,000 12,000

29,600 12,000 2,400 44,000

44,000

On 1.1.2005 the firm was dissolved all the asset except cash were realized for Rs. 24,800. Realization expenses were Rs.200 all the liabilities were discharged at book values. C becomes insolvent and he could not bring anything from his private estate. Pr epare realization a/c and capital a/c , applying Garner Vs moray decision. PART-C Answer any Three questions 15 marks each. 10. On 1.1. 1999 Anuradha co., obtained from Bharth a lease of mine terms buying a royality of Rs. 2 per ton raised subject to a minimum rent of Rs. 9,000 P.A. with a right to recoup the shoot workings over the first 4 years o f the lease. From the following details prepare royalities a/c , short working a/c and Bharth’s a/c in the books of Anuradha. Year

Sales in tons

Closing stock tons

1999

1500

500

2000

2300

400

2001

5000

700

2002

6000

800

2003

3600(strike)

600

2004

4500(lock out)

500

During the event of strike the minimum rent not being reached, the actual royalities for the year discharged the rental obligations for that year and in the event of lock out the lessee would enjoy the concession in respect of minimum rent for 40% of the prepaid of lock out. 11. What are the features of income and expenditure account? How is rec eipt and payment account is converted into income and expenditure account? 12. Explain the various methods of treating goodwill in the books of firm when a new partner is admitted and on retirement of a partner. 13. A purchased a computer from B for cash price of Rs. 25788 on hire purchase system. On 1.1.2002 A paid down payment of Rs.4000 on signing the contract and agreed to pay the balance in 3 equal st

installment of Rs.8000 due on 31  December each years. Rate of interest is 5% P.A. Charges depreciation on computer at 20% P.A. On WDV each year pass journal entries in the books of A assuming that he is the owner of the computer. 14. A and B are partnership firm sharing profits in the ratio of 3:1 the balance sheet of the firm on 31.12.2000 was as follows. Liabilities

Assets

Creditors

1800

Bank

1000

Workmen compensation

1200

Bills receivable

2500

Fund

Debtors

General reserve

2100

Capital

4000

less provisions 500

3500

Stocks

3000

A

6000

Investments

5000

B

4900

Goodwill

1000

16000

16000

th

On the above C is admitted for 2/5  share in the profits of the firm and the following revaluation were made. 1. Accrued incomes not appearing in the books of Rs. 100 2. Market value of investments is Rs. 4500 3. Claim on a/c of workmen compensation is estimated at Rs. 150 4. X an old customer whose a/c was return of as bad. Has promised to pay Rs. 350 insettelment of his full debts.

5. C is required to bring Rs.8000 as capital and Rs.2000 as goodwill. His share of goodwill was calculated at Rs. 2400 Your

required Revaluation A/C , partners capital account and initial balance sheet of new firm.

APRIL /MAY 2005 (Semester Scheme) PART-A Answer any three questions 5 marks e ach. 1. Mention the adjustments at the time of admission of a partner and treatment of goodwill. 2. Write a note on Garner V/s Murray case. 3. Calculate the gain ratio with imaginary figures of a partnership firm. 4. Write notes on: a) Minimum Rent

b) Short working Recocepment

5. What are the methods of valuation of goodwill? PART-B Answer any two questions 10 marks each. 6. The following is the receipts and payments account of the Mysore sports club for the year ending 31.12.2000. Receipts

Rs.

Payments

Rs.

To Balance b/d

625

By Billiards table

4,200

To Subscriptions 1999

320

by Repairs and Renewals

1.233

by wages

7,275

by Rent

6,125 1,727

2000

18,500

2001

700

To Entrance Fees

965

by interest

To locker rent

900

by Stationery & other Expenses

To special subscription for Governor’s party 

by bal c/d

4,750 1,940

5,240 27,250

27,250

Adjustments: 1. Entrance fees are not to be capitalized. 2. Outstanding subscriptions for governess party amounted to Rs. 750 3. Outstanding subscriptions for the current year amounted to Rs. 822 4. Locker rent Rs. 120 pertaining to previous year and Rs. 140 is owing. 5. Stationery and other expenses Rs.675 refe rred to previous year and Rs. 523 is still due.

6.

Rs. 1,500 related to previous year and Rs. 1,650 is still owing from t he above information st

prepare income and expenditure account of the Mysore Club for the year ending 31 December 2000.

7. Neela , Mala and sheela were partners in a firm sharing profit and losses in the ratio of 2:2:1. A dissolve the firm the balance sheet stood as follows on the date of dissolution. Balance sheet Liabilities

amount

Asset

amount

Creditors

5000

Cash

7000

Bills payable

4000

bills payable

3000

Reserve fund

1000

Stock

6000

Debtors

3500

Capitals Neela

9000

Furniture

3000

Mala

8000

Machinery

7000

Sheela

7000

Goodwill

2500

Profit & loss

2000

24000

34000

34000

Assets realized were as follows: Bills Receivable Rs. 2800 , Stock Rs. 8000 , Debtors Rs. 3200, Machinery Rs. 8000 , Furniture Rs. 2800, Goodwill Rs. 2200, The liability were paid in full expansion of dissolution amount to be Rs. 400. Prepare necessary accounts. 8. Karan and Kiran are equal partners. They decide to admit Kumar as a partner and to readjust the balance sheet values for this purpose. The balance sheet of Karan and Kiran on st

31  December 2004 was as under. Liabilities

Rs.

Creditors

14,000

Bills payable

Assets

5,400

Capital Accounts Karan

40,000

Kiran

30,000

70,000

Rs.

Cash in hand

1,800

Debtors

20,000

Plant

4,000

Stock

23,600

Buildings

40,000

---------

---------

89,400

89,400

The following adjustments were to be made before Kumar’s admission th

1. Kumar brings Rs. 30,000 as his c apital 1/4  share and Rs. 18,000 for goodwill 2. The half of the goodwill amount is withdrawn by the old partners. 3. Pla nt was valued at Rs. 3,600 4. The stock is to be depreciated by 10% 5. Rs. 1,000 were to be provided for doubtful debt 6. The value of the buildings to be appre ciated by Rs. 14,000

Prepare Revaluation A/c, Partners capital A/c and the balance sheet of the newly constituted firm. 9. Sunil, Suraj and Sharma were partners sharing profits and losses equally. Their balance sheet on 31.12.2004 was as follows. Balance sheet as on 31.12.2004 Liabilities Sundry Creditors Profit and loss A/C

Rs.

Assets

22,000

Cash in hand

3,000

6,000

Cash at Bank

5,000

Debtors

15,000

Capital Accounts

Rs.

Sunil

40,000

Plant & Machinery

30,000

Suraj

30,000

Stock

20,000

Sharma

35,000

Land & building

60,000

1,05,000 -----------

---------

1,33,000

1,33,000

Suraj retired on the above date and partners agreed that: 1. The goodwill of the firm is to be valued at Rs. 27,000 2. Land and Buildings is to be appreciated by 8% 3. Plant and Machinery is to be depreciated by5% 4. Stock to be reduced by 5% 5. Rs. 1,100 to be provided for doubtful debts Prepare the necessary ledger accounts and the Balance sheet of continuing partners. PART-C Answer any Three questions 15 marks eac h. 10. From the following particulars relating to the Theosophical Society , prepare : 1. A Receipts and payments account 2. Income and Expenditure Account as on 31.12.2004 and 3. A balance sheet as on the above date. Balance sheet of Theosophical Society as on 31.12.2004 Liabilities Outstanding Creditors Capital fund

Rs.

Assets

Rs.

850

Cash at bank

6,000

31,150

Investments

20,000

Sundry Debtors accured Interest o/s

250

Outstanding subscriptions

800

Library books

2,000

Furniture & Fixtures

2,950

------------

---------

32,000

32,000

The transactions for the year 2004 were: Receipts: Subscriptions Rs. 5,000 , collection from concerts and Lecture Rs. 2,000 . Interest on investments Rs. 950, entrance fee received Rs. 1,000 and sale of old furniture Rs. 1500. Payments: Rent Rs. 1,200 , printing Rs. 300, Advertising Rs. 400, Sundries Rs. 110 , investment in securities Rs. 5,000, Furniture’sRs. 800, Library books Rs. 600 and of concerts and lectures Rs. 1,500 The following were outstanding as on 31.12.2004: Printing Rs. 150 , Rent Rs. 200 , Interest on investment Rs. 300 and subscription Rs. 650 , Capitalize t he entrance fees. Cash on hand on 31.12.2004 was Rs. 4,340. 11. Mr. Kariayappa wrote book on Marketing and got it published with Aloka publishers. Madikeri on the terms that Royality is to be paid Rs. 5 per copy sold subject to a minimum royality of Rs. 15,000 per year with a right recoup short workings over the first three years only The details are as under. Year 2000 2001 2002 2003

No. of copies printed 2,000 3,000 4,000 5,000

No. of copies of closing stock 200 300 400 500

Prepare : 1. Minimum Royality account 2. Royality Account 3. Short working account 4. Kariyappas account in the books of Aloka publishers. 12. R buys a pumposet on hire purchase system on 1 .1.2000 The terms of payments are as follows: 1. Rs. 2,000 to be paid on signing the agreement 2. Rs. 2,800 at the end of 2,000 3. Rs. 2,600 at the end of 2001 4. Rs. 2,400 at the end of 2002 5. Rs. 2,200 at the end of 2003 If interest is charged 10% p.a. What was the cash value of the pumpset? Show the necessary ledger accounts in R ‘s book after writing depreciation at 10% p.a. on written down value system. 13. Ravi and Mahesh were partners and decided to dissolve the firm on 31.12.2000 . Their balance sheet was as follows: Balance sheet Liabilities

Rs.

Assets

Rs.

Creditors

5,600

Bank

4,000

Bank loan

5,000

Debtors

7,900

Stock

13,300

Capital Accounts

Ravi

20,000

Furniture

3,500

Mahesh 20,000

40,000

Assets

20,000

Current A/c Ravi

1,700

p&l a/c

3,000

Current a/c:Mahesh -------------52,300

600 -------52,300

Debtors realized Rs. 7,500 , Stock realized Rs. 12,600, Furniture Rs. 4,000, Assets Rs. 16,000 legal charges Rs. 1,200 had to be paid in addition to cost dissolution Rs. 1,800 . Write journal entries and show the necessary ledger accounts to close the books. 14. On 1.1.2000 the Madras Transport Company has acquired 3 trucks of R s. 50,000 each from TATA MOBILES on the hire purchase basis. The terms of payments were Rs. 30,000 on signing the agreement and the balance in three equal annual installment of Rs. 40,000 st

together with 8% interest on 31  The December each year. The trucks are to be depreciated by 20% on reducing balance. The Madras Transport Company paid the first installment but could not pay the subsequent and hence the TATA Mobile took over two trucks adjusting the amount charging 30% depreciation. Give Truck account and the Tata Mobile Co., Accounts for the 3 years in the books of Madras Transport Company.