230 MKH BERHAD | ANNUAL REPORT 2023 31. PAYABLES AND ACCRUALS (CONT’D) The Group The Company 2023 2022 2023 2022 Note RM RM RM RM Current Trade Trade payables (b) 298,059,780 291,368,885 - - Landowners’ entitlement (a) 126,142,377 187,738,355 - - Retention sum payable to subcontractors within one year 34,207,012 34,106,545 - - Non-trade Amount due to subsidiaries (c) - - 10,594,000 6,000 Amount due to non-controlling interest (d) 19,692,791 9,879,364 - - Other payables (e) 72,486,381 90,956,117 1,351 309,340 Deposits received (f) 11,456,414 10,683,378 - - Advances from customers (g) 5,157,918 11,394,209 - - Accruals (h) 26,434,726 28,024,764 628,961 528,271 593,637,399 664,151,617 11,224,312 843,611 (a) These are in respect of payable for landowners’ entitlement under deferred payment term pursuant to the joint land development agreements and joint venture agreements entered into with the landowners. Pursuant to the said agreements, the entitlements are determined based on the agreed percentage on the total development units and/or total gross development value net of trade discount, where applicable, of the property development projects. These deferred payables are measured at amortised cost at imputed interest rates ranging from 4.7% to 10.00% (2022: 4.37% to 10.00%) per annum. (b) The normal trade credit term granted to the Group ranges from 7 to 90 days (2022: 7 to 90 days) unless as specified in the agreements. Included in trade payables is amount due to an associate of the Group of RM46,640,544 (2022: RM45,089,273) including retention sums of RM27,125,306 (2022: RM13,845,428). (c) Amount due to subsidiaries of the Company is unsecured, interest-free and repayable on demand. (d) Included in amount due to non-controlling interest are: (i) an amount of RM19,600,000 (2022: RM9,800,000) which is unsecured, bears interest at 5.76% (2022: 5.01%) per annum and is repayable on demand; and (ii) an amount of RM92,791 (2022: RM79,364) which is unsecured, interest-free and is repayable on demand. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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