200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 20. Trade and other receivables (cont'd) (d) Amount due from associate (e) Contract cost assets Incremental costs of obtaining contracts (f) Prepayments 2024 2023 2024 2023 RM RM RM RM Prepayment on acquisition of remaining share in a joint venture - 11,707,000 - - Prepaid operating expenses 10,781,111 10,993,610 1,194,200 76,011 10,781,111 22,700,610 1,194,200 76,011 21. Cash and bank balances 2024 2023 2024 2023 RM RM RM RM Cash on hand and at banks 63,974,607 58,714,694 286,613 757,334 Short term deposits with licensed banks 5,693,790 4,540,948 - - Cash and bank balances (Note 20) 69,668,397 63,255,642 286,613 757,334 Included in cash at banks of the Group are amounts of RM795,781 (2023: RM807,206) held pursuant to Section 7A of the Housing Developers (Control and Licensing) Act, 1966 and therefore restricted from use on other operations. Group Company The incremental costs of obtaining contracts primarily comprise commissions paid to sales agents and legal costs paid to lawyers as a result of obtaining property sales and purchase contracts with customers. The costs are to be amortised over the period when the related revenue is recognised. Cash at banks earn interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one month to twelve months (2023: one month to twelve months) depending on the immediate cash requirements of the Group and earn interest at respective short-term deposit rates. The weighted average effective interest rates as at 31 December 2024 for the Group was 2.16% (2023: 2.15%). Group Company The amount due from associate is unsecured, non-trade in nature and repayable on demand. Included in the amount is a loan of approximately RM6,027,000 (2023: Nil), which bears interest at 8.00% per annum. - 68 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 160
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