MKH Berhad 183 23. CONTRACT ASSETS AND LIABILITIES The Group 2021 2020 RM RM Contract assets 285,493,960 340,668,466 Contract liabilities (15,373,699) (12,659,720) Net 270,120,261 328,008,746 At beginning of year 328,008,746 269,389,940 Consideration paid/payable to customers 128,622,847 27,437,314 Revenue recognised during the year (Note 4) 508,064,120 561,632,674 Progress billing during the year (694,575,452) (530,451,182) At end of year 270,120,261 328,008,746 The transaction price allocated to the unsatisfied performance obligations as at 30 September 2021 is RM947,200,886 (2020: RM1,018,833,182). The remaining performance obligations are expected to be recognised within the remaining 4 years. There was no impairment loss recognised on contract assets in the reporting period. 24. BIOLOGICAL ASSETS The Group 2021 2020 RM RM Net Book Value At beginning of year 4,233,267 5,181,734 Changes in fair value 1,637,252 (913,440) Effect of movements in exchange rate 306,507 (35,027) At end of year 6,177,026 4,233,267 The biological assets of the Group comprise fresh fruit bunches (“FFB”) prior to harvest. Management has considered FFB less than 15 days before harvesting in the calculation of fair value. FFB more than 15 days before harvesting are excluded from the valuation as their fair values are considered negligible. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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