EXCEL FORCE MSC BERHAD 91 Notes to the Financial Statements (cont’d) 21. CONTRACT LIABILITIES Group Company 2021 2020 2021 2020 RM RM RM RM Deferred revenue 2,574,966 1,625,834 1,816,228 824,018 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. 22. REVENUE Group Company 2021 2020 2021 2020 RM RM RM RM Revenue from contracts with customers: Sales of hardware 1,897,870 976,024 1,897,870 976,024 Rendering of services 33,274,828 28,438,779 31,764,166 27,107,871 Maintenance services 2,139,744 1,971,174 2,057,407 1,887,873 37,312,442 31,385,977 35,719,443 29,971,768 Timing of revenue recognition At a point in time 28,041,533 25,465,101 27,963,023 25,408,311 Over time 9,270,909 5,920,876 7,756,420 4,563,457 Total revenue from contracts with customers 37,312,442 31,385,977 35,719,443 29,971,768 Revenue from contracts with customers recognised for the Group and for the Company in the current financial year included RM1,391,840 and RM629,058 (2020: RM1,203,113 and RM498,042) that were included in the contract liabilities at the beginning of the financial year.
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