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attempted using mm:ss,0 which is one of the option provided that appears the closest to your suggestion but this returned 00:00,0. Could you let me know where I am going wrong?
I use period ("full stop") for the decimal point. You use comma. So the correct format should be Custom m:ss,00 or [m]:ss,00 -- comma after "ss".
You can use "mm" if you want to see 01:23,02 (leading zero).
And you can omit the square brackets ("[...]") if you are sure that minutes ("m") will not exceed 59.
The format mm:ss,0 results in 00:00,0 for 0,02 (1/50) and 0,04 (2/50) because they round 0,0 seconds -- one decimal place. But 0,06 (3/50) should display 00:00,1 .
Note: I assume that you have a fully-functional version of Excel. The free version of Web Excel (onedrive.live.com) is not fully-functional. In particular, I believe that it does not support all of the numeric formats.
Also, I am not familiar with Mac versions of Excel. They might not be fully-functional, either. I do not know.
If you still have problems, I might need to see an example Excel file that demonstrates the problem. Upload the example file to a file-sharing website, and post the download URL in a response here. I like box.net/file; others like dropbox.com. You might prefer onedrive.live.com because it shares the login with this forum. But I worry that "onedrive" might alter the Excel file sometimes.