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Default Hour format

I'm trying to format cells in excel 2007 with the hh:mm format and keep
getting a date / time show in the function line and the wrong time in the
cell. e.g. format cell - time - custom - hh:mm type in 12.15 and cell shows
03.36 function line shows 12/01/1900 03:36:00AM

Never had this before and used this format option many times. Any help
greatly appreciated
 
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