Need help on IF Formula on multiple condition

[Dhinakaran]

Hey Team,

Need your help on multiple if condition formula to bucket the below values as i need to bucket the closing balance as below,
If the closing balance is between 1 to 10000 then it should be bucketed as Less than 1000.
If between 10001 to 50000 should be bucketed as >10000<50000.
If between 50001 to 100000 should be bucketed as >50000<100000
If greater than 100000 should be bucked as >100000.

Sundry Debtors	Bucketed	Closing balance
Abdul Arbaz-V2		170,573
Abdul Kafoor rmn-V2		2,641
Abdull Suban Pasha-V2		10,567
Abdul Majjid RMN-V2		720
ABDUL RAFIQ-V2		10,838
Abdul Rashid new-V2		23,206
Abdul Rasul Rmn-V2		12,920
Abdul Razak - V2		78,614
Abdul Rehman Baig V2		2,806,023
Abdul Sufiyan Rmn-V2		4,614
Abdul Waajid-V2		475,215
Abdul Zabeer C2Y-V2		(28,998)
Abdul Zahir Kollegal-V2		20,826
AB Silks Rmn-V2		232,171
Abu Bukker jtv-V2		(41,317)
Adil Khan Rmn - V2		6,953
Adil Khan Rmn-V2-RMREELER401814		131,422
Afroz Haveri-V2		250
Afroz Khan RMN-V2		21,688
Afsara Khan - V2		217,101
Afshan-V2		72,071
Afzal khan Rmn-V2		1,843
Afzal Pasha Jtv-V2-RMREELER401618		409,145

 

[bebo021999]

With C2 is number:
In B2:

=IFERROR(LOOKUP(2,1/(C2>={0;10000;50000;100000}),{"Less than 10000";">10000<50000";">50000<100000";">100000"}),"Negative value")

 

[Dhinakaran]

With C2 is number:
In B2:

=IFERROR(LOOKUP(2,1/(C2>={0;10000;50000;100000}),{"Less than 10000";">10000<50000";">50000<100000";">100000"}),"Negative value")

Thanks Bebo, Understood the logic. Though curios to know why 2,1 is being considered in the formula.