"Barny" wrote:
I would like to return the result in cell K132 based
on the following- Cell K132 will return the result N
or M when/if I132 = N or J132 = M
Cells I132 and J132 will not contain N or M at the
same time i.e. if I132 = N then J132 will be blank
and vice versa

Can even you understand what you wrote?!

Maybe, in K132:

=if(I132="N", "N", if(J132="M", "M", ""))

Or maybe more generally:

=if(I132<"", I132, J132)