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Rainbow Printing Enterprise is a business involved in producing the stickers for household and commercial use owned by Mr. Kim. The following is the Statement of Financial Position (Extract) as at 31 December 2019 for Rainbow Printing Enterprise: Statement of Financial Position (Extract) as at 31 December 2019 RM RM RM Accumulated Net Book Non-current Assets: Cost Depreciation Value Machineries 290,760 150,360 140,400 Motor vehicles 75,180 43,692 31,488 365,940 194,052 171,888 Current Assets: Account receivables Bank Cash Inventory Prepaid rent Total Assets 883,200 165,000 51,000 24,000 2,100 1,125,300 1,297,188 In 2020, Mr. Kim purchased new non-current assets and disposed of the old ones to accommodate the excessive demands in the business products. The information on the non-currents assets changes during the financial year ended 31 December 2020 are as follows: Type of Asset Description This is the latest machinery purchased by Rainbow Printing Enterprise. It is a professional electrical industrial label printer machinery that is equipped with wireless printing capacity. This machinery is the most advanced for cost- effective production of heat transfers and has a fantastic selection of features. It was purchased on 1 January 2020 at the cost of RM99,240. Machinery AT - 857 This machinery was purchased on 27 March 2014 and is used in printing the image onto paper using water or solvent-based dyes. The applications of this machinery include printed ribbons, promotional products, lanyards, apparel tags, etc. Machinery T-007-R The purchase price of the machinery was RM120,000. However due to excessive demands on the products and to upgrade the production process and capacity, the business had sold this old machinery at RM45,000 on 24 May 2020. Rainbow Printing Enterprise owns a delivery van that it purchased in 2017 for RM24,000 to transport its products to local customers. However, the delivery van was involved in an accident at the beginning of 2019. After some repairs, the delivery van can be used again for its purposes but it is not like the same as before the accident. The business needs to Delivery van pay for a series of repairs and breakdowns in 2019 involving brake fluid leak and failures, overheating engine, issues with the wheel bearings and more. Therefore, the business had decided to trade in the delivery van with the new one costing RM40,000 on 20 June 2020 at a trade-in value of RM12,780. (1) All the sale and purchase of non-current assets were done by using a cheque except for the remaining payment to be paid for the new delivery van that using a loan. (2) The business policy is to charge the full year's depreciation in the year of acquisition and none in the year of the disposal using the following methods: Machineries Motor vehicles 15% per annum on cost. 20% per annum on the balance at the end of the year. (3) In December 2020, Mr. Kim hired a new accountant to help him manage the accounts of the business due to the resignation of the former accountant. While preparing the financial statements, the new accountant has found out that the amount of account receivables for the year 2020 amounted to RM1,152,000. To his surprise, the previous accountant did not make any records on the bad debts and allowance for doubtful debts since 2019. Therefore, Mr. Kim had asked the new accountant to provide the allowance for doubtful debts using the below information: Allowance for doubtful debts (%) Bad debts to be written off (RM) 2020 8 103,950 2019 5 53,700 After an investigation, the new accountant had found that the allowance for doubtful debts was recorded at RM46,200 as at 31 December 2018. REQUIRED: (a) Prepare the following general ledgers for the year ended 31 December 2020 for Rainbow Printing Enterprise: (i) The machineries account and motor vehicles account. (6 marks) The accumulated depreciation for machineries account and accumulated depreciation for motor vehicles account. (7 marks) (iii) The disposal for motor vehicles account. (2 marks)