MKH BERHAD | ANNUAL REPORT 2023 219 20. RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONT’D) (g) The joint venture deposits of the Group are paid to landowners in respect of Joint Venture Agreements (“Agreements”) whereby the Group is responsible to implement and undertake the overall development projects on the land owned by the third parties upon fulfilment of the terms and conditions as stipulated in the Agreements. (h) Included in other deposits of the Group are: (i) an amount of RM18,437,374 (2022: RM17,241,364) paid to the relevant authorities for property development projects; and (ii) an amount of RM12,000,000 (2022: RMNil) in respect of deposits paid for acquisition of a subsidiary as disclosed in Note 41. (i) Included in prepayments of the Group are: (i) RM5,264,605 (2022: RM1,944,528) preliminary costs incurred in respect of future property development projects; and (ii) an amount of RM10,144,604 (2022: RM5,189,464) paid to Trustee accounts for joint development of infrastructure projects with other developers. 21. PROPERTY DEVELOPMENT COSTS The Group 2023 2022 RM RM At cost: Freehold land At beginning of year 208,315,137 184,563,119 Additions 461,440 3,442,371 Addition/(Reversal) of provision for landowners’ entitlement (41,228,187) 3,689,420 Reclassify to development costs (3,181,716) - Transfer from land held for property development (Note 18) 25,288,901 27,224,138 Transfer to inventories (266,842) (3,152,585) Reversal of completed projects (10,749,377) (7,451,326) At end of year 178,639,356 208,315,137 Leasehold land At beginning of year 194,502,521 227,306,963 Additions 1,184,670 2,775,382 Addition of provision for landowners’ entitlement - 810,365 Transfer to land held for property development (Note 18) (9,557,780) - Transfer to inventories - (601,026) Reversal of completed projects (9,524,467) (35,789,163) At end of year 176,604,944 194,502,521 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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