CHAPTER-7 Investment Accounts

CHAPTER-7
INVESTMENT ACCOUNTS

INTRODUCTION
Investments are assets held by an enterprise for earning income by way of dividends, interest
and rentals, for capital appreciation, or for other benefits to the investing enterprise. Investment
Accounting is done as per AS 13.
The investments are classified into two categories as per AS 13, viz., Current Investments and Long-
term Investments. A current Investment is an investment that is by its nature readily realisable
and is intended to be held for not more than one year from the date on which such investment
is made. The carrying amount for current investments is the lower of cost and fair value. Any
reduction to fair value and any reversals of such reductions are included in the statement of profit
and loss. A long-term investment is an investment other than a current investment. Long term
investments are usually carried at cost. However, when there is a decline, other than temporary,
in the value of a long term investment, the carrying amount is reduced to recognise the decline.
The reduction in carrying amount is charged to the statement of profit and loss.
Theory:
1 . AS 13, Accounting for Investments which deals with accounting for investments in the
financial statements and related disclosure requirements except:
(i) Bases for recognition of interest, dividends and rentals earned on investments
(ii) operating or financial leases
(iii) investment of retirement benefit plans and life insurance enterprises
(iv) mutual funds and banking company investments etc.
(v) Assets held as Stock-in-trade are not 'Investments'
2. The investments are classified into two categories as per AS 13, viz., Current Investments
and Long-term Investments. Current Investments: A current Investment is an investment
that is by its nature readily realisable and is intended to be held for not more than one year
from the date on which such investment is made.
The carrying amount for current investments is the lower of cost and fair value.
Long-term Investments: A long-term investment is an investment other than a current
investment.
Long term investments are usually carried at cost. o If there is a decline, other than temporary,
in the value of a long term investment; the carrying amount is reduced to recognise the
decline. The reduction in carrying amount is charged to the statement of profit and loss.
3. The cost of an investment includes acquisition charges such as brokerage, fees and duties. If
an investment is acquired, or partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued. The fair value may not necessarily
be equal to the nominal or par value of the securities issued.

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4. On disposal of an investment, the difference between the carrying amount and the disposal
proceeds, net of expenses is recognized in the profit and loss statement, When a part of
the holding of an individual investment is disposed, the carrying amount is required to be
allocated to that part on the basis of the average carrying amount of the total holding of
the investment, In respect of shares, debentures and other securities held as stock-in-trade,
the cost of stocks disposed of may be determined by applying an appropriate cost formula
(e.g., first-in, first-out (FIFO), average cost, etc.). These cost formulae are the same as those
specified in AS 2, Valuation of Inventories.
5. A separate Investment Account should be made for each scrip purchased. The scrips purchased
may be broadly divided into two categories, viz.
1. Fixed income bearing scrip: These refer to securities having fixed return of income.
Investment in Government securities or debentures comes under this category.
Transaction for fixed income bearing securities may occur on following basis:
(a) Ex-interest basis
(b) Cum- interest basis
2. Variable income bearing scrip. These refer to securities having variable return of
income. Investment in equity shares comes under this category. The following points
should be noted with respect to investment in equity shares:
(a) dividends from investments in shares are not recognised in the statement of
profit and loss until a right to receive payment is established;
(b) the amount of dividend accruing between the date of last dividend payment and
the date of purchase cannot be immediately ascertained.

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CLASS WORK
Method -1 Accounting of Fixed income securities
Q-1 A purchased on 1st March ` 24,000 5% Bharat Debenture Stock at 90 cum interest, interest
being payable on 31st March and 30th September each year. Stamp and expenses on purchase
amounted to ` 20 and brokerage at 2% was charged on cost; interest for the half-year was
received on the due date. On 1st September ` 10,000 of the stock was sold at 92 ex-interest
less brokerage at 2%. On 30th September ` 8,000 stock was purchased at 91 ex-interest
plus brokerage at 2% and charges` 10. On 1st December,` 6,000 stock was sold at 94 cum
interest less brokerage 2%. The market price of stock on 31st December was 881 2%. Show
the Investment for the year ended 31st December, marking all calculation in months.
Q-2 Tee Ltd. purchased on 1st May, 2010 13.5% Convertible Debentures in Dee Ltd. of face value
of ` 5,00,000 @ 105 cum-interest; Interest on the debentures is payable each year on 31st
March and 30 September. The accounting year adopted by Tee Ltd. is the calendar year.
The following other transactions were entered into in 2010 by Tee Ltd. in regard to these
debentures:
Aug. 1 Purchased ` 2,50,000 Debentures @ 107 cum interest.
Oct. 1 Sale of ` 2, 00,000 Debentures @ 103.
Dec. 31 Receipt of 10,000 Equity Shares in Dee. Ltd. of `10 each in conversion of 20% of the
Debentures held.
The market value of the Debentures and Equity shares in Dee Ltd. at the end of 2010 was `
96 and ` 15 respectively. Prepare the Debenture Investment Account in the books of Tee Ltd.
on Average cost.
Q-3 On 1st April 2009, XY & Co. held 9% Debentures in B. Ltd of the face value of`10,000 at a cost
of 8,000. Market value on that date was ` 9,000. Interest is payable on 31st Dec. every year. On
1st Dec.2009. Debentures of nominal value of ` 6,000 were purchased for ` 5,000 ex-interest
and on 31st Dec. 2009, Debenture of Nominal value of ` 2,000 were sold cum-interest for `
1,900. On 1st Jan. 2010, debentures of nominal value of ` 6,000 were bought at`5,800. The
market value of the Debentures on 31st March 2010 was at 90%. Make out 9% debentures
Account in the books of XY Co. Ltd. showing profit and loss on sale of Investment. Stocks on
31st March each year at valued at lower of cost or market price.
Method -2 Accounting of Variable income securities
Q-4 Mr. X purchased 500 equity shares of ` 100 each in Omega Co. Ltd. for ` 62,500 inclusive of
brokerage and stamp duty. Some years later the company resolved to capitalise its profits
and to issue to the holders of equity shares, one equity bonus share for every share held
by them. Prior to capitalisation, the shares of Omega Co. Ltd. were quoted at ` 175 per
share. After the capitalisation, the shares were quoted at ` 92.50 per share. Mr. X. sold the
bonus shares and received at ` 90 per share. Prepare the Investment Account in X’s books on
average cost basis.

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Q-5 On 1st January 20X1, Singh had 20,000 equity shares in X Ltd. Nominal value of the shares
was ` 10 each but their book value was ` 16 per share. On 1st June 20X1, Singh purchased
5,000 more equity shares in the company at a premium of ` 4 per share. On 30th June, 20X1,
the directors of X Ltd. announced a bonus and rights issue. Bonus was declared at the rate
of one equity share for every five shares held and these shares were received on 2nd August,
20X1. The terms of the rights issue were :
(a) Rights shares to be issued to the existing holders on 10th August, 20X1.
(b) Rights issue would entitle the holders to subscribe to additional equity shares in the
Company at the rate of one share per every three held at ` 15 per share-the whole
sum being payable by 30th September, 20X1.
(c) Existing shareholders were entitled to transfer their rights to outsiders, either wholly
or in part.
(d) Singh exercised his option under the issue for 50% of his entitlements and the balance
of rights he sold to Ananth for a consideration of ` 1.50 per share.
(e) Dividends for the year ended 31st March, 20X1, at the rate of 15% were declared by
the Company and received by Singh on 20th October, 20X1.
(f ) On 1st November, 20X1, Singh sold 20,000 equity shares at a premium of ` 3 per share.
The market price of share on 31-12-20X1 was ` 14. Show the Investment Account as
it would appear in Singh's books on 31-12-20X1 and the value of shares held on that
date..
Q-6 On 1st April, 20X1, XY Ltd. has 15,000 equity shares of ABC Ltd. at a book value of ` 15 per
share (nominal value ` 10 per share). On 1st June, 20X1, XY Ltd. acquired 5,000 equity shares
of ABC Ltd. for ` 1,00,000. ABC Ltd. announced a bonus and right issue.
(1) Bonus was declared, at the rate of one equity share for every five shares held, on 1st
July 20X1.
(2) Right shares are to be issued to the existing shareholders on 1st September 20X1. The
company will issue one right share for every 6 shares at 20% premium. No dividend
was payable on these shares.
(3) Dividend for the year ended 31.3.20X1 were declared by ABC Ltd. @ 20%, which was
received by XY Ltd. on 31st October 20X1. XY Ltd.
(i) Took up half the right issue.
(ii) Sold the remaining rights for ` 8 per share.
(iii) Sold half of its shareholdings on 1st January 20X2 at ` 16.50 per share. Brokerage
being 1%.
You are required to prepare Investment account of XY Ltd. for the year ended 31st March
20X2 assuming the shares are being valued at average cost.

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Method-3 Combined accounting of fixed and variable income securities.

Q-7 Mr. Brown has made following transactions during the financial year 20X1-X2:

Date Particulars
01.05.20X1 Purchased 24,000 12% Bonds of ` 100 each at ` 84 cum-interest.
Interest is payable on 30th September and 31st March every year.
15.06.20X1 Purchased 1,50,000 equity shares of ` 10 each in Alpha Limited for `
25 each through a broker, who charged brokerage @ 2%.
10.07.20X1 Purchased 60,000 equity shares of `10 each in Beeta Limited for ` 44
each through a broker, who charged brokerage @2%.
14.10.20X1 Alpha Limited made a bonus issue of two shares for every three
shares held.
31.10.20X1 Sold 80,000 shares in Alpha Limited for ` 22 each.
01.01.20X2 Received 15% interim dividend on equity shares of Alpha Limited.
15.01.20X2 Beeta Limited made a right issue of one equity share for every four
shares held at ` 5 per share. Mr. Brown exercised his option for 40%
of his entitlements and sold the balance rights in the market at `
2.25 per share.
01.03.20X2 Sold 15,000 12% Bonds at ` 90 ex-interest.
15.03.20X2 Received 18% interim dividend on equity shares of Beeta Limited.
Interest on 12% Bonds was duly received on due dates. Prepare separate investment account for
12% Bonds, Equity Shares of Alpha Limited and Equity Shares of Beeta Limited in the books of Mr.
Brown for the year ended on 31st March, 20X2.
Q-8
Mr. X acquires 200 shares of a company on cum-right basis for ` 70,000. He subsequently
receives an offer of right to acquire fresh shares in the company in the proportion of 1:1 at
` 107 each. He does not subscribe but sells all the rights for ` 12,000. The market value of
the shares after their becoming exrights has also gone down to ` 60,000. What should be the
accounting treatment in this case?
Q-9 Blue-chip Equity Investments Ltd., wants to re-classify its investments in accordance with
AS 13 (Revised). State the values, at which the investments have to be reclassified in the
following cases:
(i) Long term investments in Company A, costing ` 8.5 lakhs are to be reclassified as
current. The company had reduced the value of these investments to ` 6.5 lakhs to
recognise ‘other than temporary’ decline in value. The fair value on date of transfer is
` 6.8 lakhs.
(ii) Long term investments in Company B, costing ` 7 lakhs are to be reclassified as
current. The fair value on date of transfer is ` 8 lakhs and book value is ` 7 lakhs.
(iii) Current investment in Company C, costing ` 10 lakhs are to be reclassified as long
term as the company wants to retain them. The market value on date of transfer is `
12 lakhs.

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Q-10
X Ltd. on 1-1-20X1 had made an investment of ` 600 lakhs in the equity shares of Y Ltd.
of which 50% is made in the long term category and the rest as temporary investment.
The realisable value of all such investment on 31-3-20X1 became ` 200 lakhs as Y Ltd. lost
a case of copyright. From the given market conditions, it is apparent that the reduction
in the value is not temporary in nature. How will you recognise the reduction in financial
statements for the year ended on 31-3-20X1?
Q-11
ABC Ltd. wants to re-classify its investments in accordance with AS 13 (Revised).
Decide and state on the amount of transfer, based on the following information:
(1) A portion of current investments purchased for ` 20 lakhs, to be reclassified as long
term investment, as the company has decided to retain them. The market value as on
the date of Balance Sheet was ` 25 lakhs.
(2) Another portion of current investments purchased for ` 15 lakhs, to be reclassified
as long term investments. The market value of these investments as on the date of
balance sheet was ` 6.5 lakhs.
(3) Certain long term investments no longer considered for holding purposes, to be
reclassified as current investments. The original cost of these was ` 18 lakhs but had
been written down to ` 12 lakhs to recognise other than temporary decline as per AS
13 (Revised).
Q-12 M/s Innovative Garments Manufacturing Company Limited invested in the shares of another
company on 1st October, 20X3 at a cost of ` 2,50,000. It also earlier purchased Gold of `
4,00,000 and Silver of ` 2,00,000 on 1st March, 20X1. Market value as on 31st March, 20X4 of
above investments are as follows:
`
Shares 2,25,000
Gold 6,00,000
Silver 3,50,000
How above investments will be shown in the books of accounts of M/s Innovative Garments
Manufacturing Company Limited for the year ending 31st March, 20X4 as per the provisions
of Accounting Standard 13 "Accounting for Investments"?

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LAST MINUTE REVISION

Ü Investment Accounting is done as per Accounting Standard-13.

Ü Two type of Investments :
Ü Long Term Investments
Ü Current Investments
Ü Valuation of Current investment – Lower of Cost or Fair Value/net Realizable Value
Ü Valuation of Long Term investment – At cost
Ü Reclassification :
Ü From Current to Permanent ? Valuation at Cost or Fair value, whichever is lower
Ü From Permanent to Current ? Valuation at Cost or Carrying Amount, whichever is
lower
Ü Disposal of Investment:
Ü Difference between carrying amount and disposal proceeds is transferred to Profit &
Loss A/c.
Ü In case of partial sale, weighted average method to be used.
Ü Sale of Rights:
Ü If rights are not subscribed for but are sold in the market, the sale proceeds of rights
are taken to the profit and loss statement as per para 13 of AS 13 “Accounting for
Investment”. In this case, the sale proceeds will not appear in the dividend column of
the Investment account.
Ü However, when the investments are acquired on cum-right basis and the market value
of investments immediately after their becoming ex-right is lower than the cost for
which they were acquired, it may be appropriate to apply the sale proceeds of rights
to reduce the carrying amount of such investments to the market value. In this case,
the sale proceeds will credited to Investment account.
Ü Here, it is pertinent to note that if right shares are issued during the year, then year-
end fall in the market value of the shares shall not be considered as immediate fall in
the market value of the shares after issue of right shares and in such a case, the sale
proceeds of rights shall be taken to the profit and loss statement.

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MULTIPLE CHOICE QUESTIONS

1. The cost of Right shares is

(a) added to the cost of investments.
(b) subtracted from the cost of investments.
(c) no treatment is required.
2. Long term investments are carried at
(a) fair value.
(b) cost less ‘other than temporary’ decline.
(c) Cost and market value whichever is less.
3. Current investments are carried at
(a) Fair value. (b) cost.
(c) Cost and fair value, whichever is less.
4. A Ltd. acquired 2,000 equity shares of Omega Ltd. on cum-right basis at ` 75 per share.
Subsequently, omega Ltd. made a right issue of 1:1 at ` 60 per share, which was subscribed
for by A. Total cost of investments at the year-end will be `
(a) 2,70,000. (b) 1,50,000. (c) 1,20,000.
5. Cost of investment includes
(a) Purchase costs. (b) Brokerage and Stamp duty paid.
(c) Both (a) and (b)
6. A current investment is an investment
(a) That is readily realisable.
(b) That is intended to be held for not more than one year from the date on which such
investment is made.
(c) Both (a) and (b)
7. All the following are fixed income bearing securities except
(a) Debentures. (b) Equity shares.
(c) Govt. Bonds.
8. If there is ‘other than temporary’ decline in the value of a long term investment then
(a) Carrying amount is reduced to recognise the decline.
(b) The reduction in carrying amount is charged to profit and loss account.
(c) Both (a) and (b).
9. If investment is acquired by issue of shares, the acquisition cost of investment is
(a) Amount paid for acquisition.
(b) Fair value of securities issued.
(c) Market price of securities.
10. When long-term investments are reclassified as current investments, current investments
are valued at

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(a) Cost.
(b) Carrying amount.
(c) Lower of Cost and Carrying amount.

Theoretical Questions
1. How will you classify the investments as per AS 13? Explain in Brief.

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HOME WORK
Method -1 Accounting of Fixed income securities
Q-8 In 20X1, M/s. Wye Ltd. issued 12% fully paid debentures of ` 100 each, interest being payable
half yearly on 30th September and 31st March of every accounting year. On 1st December,
20X2, M/s. Bull & Bear purchased 10,000 of these debentures at ` 101 cum-interest price, also
paying brokerage @ 1% of cum-interest amount of the purchase. On 1st March, 20X3 the
firm sold all of these debentures at ` 106 cum-interest price, again paying brokerage @ 1 %
of cum-interest amount. Prepare Investment Account in the books of M/s. Bull & Bear for
the period 1st December, 20X2 to 1st March, 20X3.
Hint- Loss on investment Rs.700, Interest net Rs.30000
Q-9 The following information is presented by Mr. Z (a stock broker), relating to his holding in
9% Central Government Bonds. Opening balance (nominal value) ` 1,20,000, Cost ` 1,18,000
(Nominal value of each unit is ` 100).
1.3.20X1 Purchased 200 units, ex-interest at ` 98.
1.7.20X1 Sold 500 units, ex-interest out of original holding at ` 100.
1.10.20X1 Purchased 150 units at ` 98, cum interest.
1.11.20X1 Sold 300 units, ex-interest at ` 99 out of original holdings.
Interest dates are 30th September and 31st March. Mr. Z closes his books every 31st December.
Show the investment account as it would appear in his books. Mr. Z follows FIFO method.
Hint- Closing balance F.V. 1, 55,000, Cost-73633, Interest net Rs. 9,938
Q-10 Mr. Purohit furnishes the following details relating to his holding in 8% Debentures (` 100
each) of P Ltd., held as Current assets:
1.4.20X1 Opening balance – Nominal value ` 1,20,000, Cost ` 1,18,000
1.7.20X1 100 Debentures purchased ex-interest at ` 98
1.10.20X1 Sold 200 Debentures ex-interest at ` 100
1.1.20X2 Purchased 50 Debentures at ` 98 cum-interest
1.2.20X2 Sold 200 Debentures ex-interest at ` 99
Due dates of interest are 30th September and 31st March.
Mr. Purohit closes his books on 31.3.20X2. Brokerage at 1% is to be paid for each transaction
(at ex-interest price). Show Investment account as it would appear in his books. Assume
FIFO method. Market value of 8% Debentures of P Limited on 31.3.20X2 is ` 99.
Hint- Closing balance F.V. 95000, Cost – 93414, Interest net Rs. 9233
Method -2 Accounting of Variable income securities
Q-11 On 1.4.20X1, Mr. Krishna Murty purchased 1,000 equity shares of ` 100 each in TELCO Ltd. @
` 120 each from a Broker, who charged 2% brokerage. He incurred 50 paise per 100 as cost
of shares transfer stamps. On 31.1.20X2, Bonus was declared in the ratio of 1: 2. Before and
after the record date of bonus shares, the shares were quoted at ` 175 per share and ` 90
per share respectively. On 31.3.20X2, Mr. Krishna Murty sold bonus shares to a Broker, who

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charged 2% brokerage. Show the Investment Account in the books of Mr. Krishna Murty, who
held the shares as Current assets and closing value of investments shall be made at Cost or
Market value whichever is lower.
Hint- Closing F.V. 1, 00,000, Cost 82,000
Q-12 On 01-04-20X1, Mr. T. Shekharan purchased 5,000 equity shares of ` 100 each in V Ltd. @ `
120 each from a broker, who charged 2% brokerage. He incurred 50 paisa per ` 100 as cost
of shares transfer stamps. On 31-01-20X2 bonus was declared in the ratio of 1: 2. Before
and after the record date of bonus shares, the shares were quoted at ` 175 per share and
` 90 per share respectively. On 31-03-20X2, Mr. T. Shekharan sold bonus shares to a broker,
who charged 2% brokerage. Show the Investment Account in the books of T. Shekharan, who
held the shares as Current Assets and closing value of investments shall be made at cost or
market value whichever is lower.
Hint- Closing F.V. 5,00,000, Cost 4,10,000
Q-13 On 1st April, 20X1, Rajat has 50,000 equity shares of P Ltd. at a book value of ` 15 per share
(nominal value ` 10 each). He provides you the further information :
(1) On 20th June, 20X1 he purchased another 10,000 shares of P Ltd. at ` 16 per share.
(2) On 1st August, 20X1, P Ltd. issued one equity bonus share for every six shares held by
the shareholders.
(3) On 31st October, 20X1, the directors of P Ltd. announced a right issue which entitles the
holders to subscribe three shares for every seven shares at ` 15 per share. Shareholders
can transfer their rights in full or in part. Rajat sold 1/3rd of entitlement to Umang
for a consideration of ` 2 per share and subscribed the rest on 5th November, 20X1.
You are required to prepare Investment A/c in the books of Rajat for the year ending 31st
March, 20X2.
Hint- Closing F.V. 90,000 , Cost 12,10,000
Q-14 On 1.4.20X1, Sundar had 25,000 equity shares of 'X’ Ltd. at a book value of ` 15 per share
(Nominal value ` 10). On 20.6.20X1, he purchased another 5,000 shares of the company at `
16 per share. The directors of 'X’ Ltd. announced a bonus and rights issue. No dividend was
payable on these issues. The terms of the issue are as follows :
Bonus basis 1:6 (Date 16.8.20X1).
Rights basis 3:7 (Date 31.8.20X1) Price ` 15 per share.
Due date for payment 30.9.20X1.
Shareholders were entitled to transfer their rights in full or in part. Accordingly, Sundar sold
33.33% of his entitlement to Sekhar for a consideration of ` 2 per share. Dividends: Dividends
for the year ended 31.3.20X1 at the rate of 20% were declared by X Ltd. and received by
Sundar on 31.10.20X1. Dividends for shares acquired by him on 20.6.20X1 are to be adjusted
against the cost of purchase. On 15.11.20X1, Sundar sold 25,000 equity shares at a premium
of ` 5 per share. You are required to prepare in the books of Sundar.

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1. Investment Account
2. Profit & Loss Account.
For your exercise, assume that the books are closed on 31.12.20X1 and shares are valued at
average cost.
Hint- F.V. 20,000, Cost 2,64,444
Method-3 Combined accounting of fixed and variable income securities.
Q-15 The following transactions of Nidhi took place during the year ended 31st March 20X2:
1st April Purchased ` 12,00,000, 8% bonds at ` 80.50 cum-interest. Interest is
payable on 1st November and 1st May.
12th April Purchased 1,00,000 equity shares of ` 10 each in X Ltd. for ` 40,00,000
1st May Received half-year’s interest on 8% bonds.
15th May X Ltd. made a bonus issue of three equity shares for every two held. Nidhi
sold 1,25,000 bonus shares for ` 20 each.
1st October Sold ` 3,00,000, 8% bonds at ` 81 ex-interest.
1st November Received half-year’s bond interest.
1st December Received 18% dividend on equity shares in X Ltd.
Prepare the relevant investment account in the books of Nidhi for the year ended 31st
March, 20X2.
Hint- Bond A/c..F.V. 900000 Cost 694500, Interest 84000
Equity share A/c. F.V.125000, Cost 2000000, Dividend- 225000
Q-16 Smart Investments made the following investments in the year 20X1-X2 :
12% State Government Bonds having nominal value ` 100
01.04.20X1 Opening Balance (1200 bonds) book value of ` 126,000
12th April Purchased 2,000 bonds @ ` 100 cum interest
30.09.20X1 Sold 1,500 bonds at ` 105 ex interest
Interest on the bonds is received on 30th June and 31st Dec. each year.
Equity Shares of X Ltd.
15.04.20X1 Purchased 5,000 equity shares @ ` 200 on cum right basis Brokerage of 1% was
paid in addition (Nominal Value of shares ` 10)
03.06.20X1 The company announced a bonus issue of 2 shares for every 5 shares held.
16.08.20X1 The company made a rights issue of 1 share for every 7 shares held at ` 250
per share. The entire money was payable by 31.08.20X1.
22.8.20X1 Rights to the extent of 20% was sold @ ` 60. The remaining rights were
subscribed.
02.09.20X1 Dividend @ 15% for the year ended 31.03.20X1 was received on 16.09.20X1
15.12.20X1 Sold 3,000 shares @ ` 300. Brokerage of 1% was incurred extra.
15.01.20X2 Received interim dividend @ 10% for the year 20X1 –X2
31.03.20X2 The shares were quoted in the stock exchange @ ` 220

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Prepare Investment Accounts in the books of Smart Investments. Assume that the average
cost method is followed.
Hint- 12% Bond A/c. Cost- 168938, Interest 27400 , Equity share A/c. Cost-740000, Dividend-4800.

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