Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 267 31. PAYABLES AND ACCRUALS (CONT’D) (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 5.34% to 10.00% (2023: 4.70% to 10.00%) per annum. (b) The normal trade credit term granted to the Group ranges from 7 to 90 days (2023: 7 to 90 days) unless as specified in the agreements. Included in trade payables is amount due to an associate of the Group of RM36,759,136 (2023: RM46,640,544) including retention sums of RM28,529,820 (2023: RM27,125,306). (c) Amount due to subsidiaries of the Company is unsecured, interest-free and repayable on demand. (d) Included in amount due to former non-controlling interests are: (i) an amount of RM19,600,000 (2023: RM19,600,000) which is unsecured, bears interest at 5.76% (2023: 5.76%) per annum and is repayable on demand; and (ii) an amount of RM92,791 (2023: RM92,791) which is unsecured, interest-free and is repayable on demand. (e) Included in other payables of the Group is an amount of RM42,062,885 (2023: RM57,079,985) being overpayment from purchasers of development properties which will be set off against future progress billings for the development properties. (f) Included in deposits received of the Group is an amount of RM9,207,976 (2023: RM8,508,739) being rental, utilities and other deposits received from tenants. (g) Advances from customers of the Group is down payment from purchasers of crude palm oil and palm kernels. (h) Included in accruals of the Group is accrued agents commission totalling RM3,782,058 (2023: RM10,808,131) in respect of on-going property development projects.
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