EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 95 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 21. OTHER PAYABLES Group Company 2020 2019 2020 2019 RM RM RM RM Other payables 829,046 661,658 791,989 616,652 Deposits received 821,138 78,340 821,138 78,340 Accruals 3,731,804 1,613,752 3,634,539 1,563,440 5,381,988 2,353,750 5,247,666 2,258,432 22. CONTRACT LIABILITIES Group Company 2020 2019 2020 2019 RM RM RM RM Deferred revenue 1,625,834 1,385,993 824,018 573,522 Deferred revenue represents advance consideration received (or an amount of consideration is due) from the customer in respect of services which are yet to be provided. The deferred revenue will be recognised as revenue when the related services is rendered. 23. REVENUE Group Company 2020 2019 2020 2019 RM RM RM RM Revenue from contracts with customers: Sales of hardware 976,024 990,311 976,024 990,311 Rendering of services 28,438,779 19,928,776 27,107,871 18,715,869 Maintenance services 1,971,174 2,044,057 1,887,873 1,960,463 31,385,977 22,963,144 29,971,768 21,666,643 Timing of revenue recognition At a point in time 25,465,101 18,681,351 25,408,311 18,622,822 Over time 5,920,876 4,281,793 4,563,457 3,043,821 Total revenue from contracts with customers 31,385,977 22,963,144 29,971,768 21,666,643 Revenue from contracts with customers recognised for the Group and for the Company in the current financial year included RM1,203,113 and RM498,042 (2019: RM1,024,909 and RM363,609) that were included in the contract liabilities at the beginning of the financial year.