EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 81 notes to the financial statements 31 december 2019 (cont’d) 5. Capital Work-In-Progress Group and Company 2019 2018 RM RM At 1 January 8,384,910 - Effect of adoption of MFRS 16 (8,384,910) - At 1 January 2019, as restated - - Additions - 8,384,910 At 31 December - 8,384,910 In previous financial year, the Company has entered into a Sale and Purchase Agreement with Cosmopolitan Avenue Sdn. Bhd. to purchase a building for a purchase consideration of RM9,864,600. 6. Right-of-use Assets Group and Company Leasehold Building Capital work-in- progress Office Spaces Computer equipment Total RM RM RM RM RM Cost 2019 At 1 January - - - - - Effect of adoption of MFRS 16 - 8,384,910 1,032,561 90,765 9,508,236 At 1 January 2019, as restated - 8,384,910 1,032,561 90,765 9,508,236 Additions 11,371,290 - - - 11,371,290 Reclassification 8,384,910 (8,384,910) - - - At 31 December 19,756,200 - 1,032,561 90,765 20,879,526 Accumulated depreciation At 1 January - - - - - Effect of adoption of MFRS 16 - - 372,870 35,297 408,167 At 1 January 2019, as restated - - 372,870 35,297 408,167 Charge for the financial year - - 344,187 30,255 374,442 At 31 December - - 717,057 65,552 782,609 Carrying amount At 31 December 19,756,200 - 315,504 25,213 20,096,917 The remaining period of the lease term of leasehold building is 84 years (2018: Nil).