TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
66
Notes to the financial statements
For the financial year ended 31 March 2016
11.
Cash and bank balances
Group
Company
2016
2015
2016
2015
$
$
$
$
Cash at bank
12,906,760 15,101,639 3,321,030 6,315,325
Cash on hand
118,192
152,851
–
–
Short-term deposit
1,000,000
–
–
–
Total
14,024,952 15,254,490 3,321,030 6,315,325
Short-term deposit is made for three months (2015: Nil) with effective interest rate of 1.18% (2015: Nil) per annum. The
carrying amounts of these assets approximate their fair values.
12.
Trade receivables
Group
2016
2015
$
$
Related parties
533,560
522,611
Less: Allowance for doubtful debts – A related party
(231,574)
(205,797)
Sub total
301,986
316,814
Outside parties
1,533,705 1,876,323
Less: Allowance for doubtful debts – Outside parties
(51,325)
–
Sub total
1,482,380 1,876,323
Total
1,784,366 2,193,137
The average credit term on sale of goods is 30 days (2015: 30 days). No interest is charged on the outstanding balance.
Receivables that are past due but not impaired
The Group has trade receivables amounting to $624,933 (2015: $928,245) that are past due at the end of the reporting
period but not impaired. These receivables are unsecured and the analysis of their aging at the end of the reporting
period is as follows:
Group
2016
2015
$
$
<3 months
521,305
704,766
3 months to 6 months
56,079
44,905
6 months to 12 months
47,549
98,483
>12 months
–
80,091
Total
624,933
928,245
