EXCEL FORCE MSC BERHAD 89 Notes to the Financial Statements (Cont’d) 13. Trade Receivables Group Company 30.6.2023 31.12.2021 1.1.2021 30.6.2023 31.12.2021 1.1.2021 RM RM RM RM RM RM Trade receivables 2,841,150 3,265,363 6,031,303 2,663,049 3,166,736 5,830,491 Less: Accumulated impairment losses (74,720) (73,975) (183,391) (60,271) (51,305) (159,878) 2,766,430 3,191,388 5,847,912 2,602,778 3,115,431 5,670,613 Trade receivables are non-interest bearing and are generally on 30 days (31.12.2021: 30 days and 1.1.2021: 30 days) term. They are recognised at their original invoice amounts which represent their fair values on initial recognition. Movements in the allowance for impairment losses of trade receivables are as follows: Lifetime allowance Credit impaired Loss allowance RM RM RM Group At 1 January 2022 52,477 21,498 73,975 Charge for the financial period 10,689 11,554 22,243 Written off - (21,498) (21,498) At 30 June 2023 63,166 11,554 74,720 At 1 January 2021 161,893 21,498 183,391 Impairment losses reversed* (109,416) - (109,416) At 31 December 2021 52,477 21,498 73,975 Company At 1 January 2022 51,305 - 51,305 Charge for the financial period 8,966 - 8,966 At 30 June 2023 60,271 - 60,271 At 1 January 2021 159,878 - 159,878 Impairment losses reversed* (108,573) - (108,573) At 31 December 2021 51,305 - 51,305 * Impairment losses reversed when the related amounts were collected. The loss allowance account in respect of trade receivables is used to record loss allowance. Unless the Group and the Company are satisfied that recovery of the amount is possible, the amount considered irrecoverable is written off against the receivable directly.
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