Please provide the answer in detail Kanish Corporations gene

Please provide the answer in detail!

Kanish Corporation\'s general ledger includes the following account balances: Contributed Surplus $9,000 Common Shares $260,000 Retained Eamings $83,000 The Contributed Surplus account arose from net excess of proceeds over cost on a previous cancellation of common shares. The average cost of the common shares bought and cancelled in the first two transactions is $20 per share. Assuming that the above balances existed before any of the transactions that follow, record the journal entries for each transaction (a) Bought and cancelled 470 shares at $37 per share. (b) Bought and cancelled 210 shares at $46 per share. (c) Sold 3,100 shares at $42 per share. (d) Sold 1,900 shares at $45 per share. (e) Bought and cancelled 1,200 shares at $49 per share.

Solution

Journal Entries :- (I assum that Face Value of share is $20)

S. No.	Particulars	Debit($)	Credit($)
a)	Common Shares A/c Dr. (470*$37)	17390
	To Cash A/c (470*$20)		9400
	To General Reserve A/c ($17390-$9400)		7990
b)	Common Stock A/c Dr.(210*$46)	9660
	To Cash A/c (210*$20)		4200
	To General Reserve A/c ($9660-$4200)		5460
c)	Cash A/c Dr. (3100*$42)	130200
	To Common stock (3100*$20)		62000
	To Paid in Capital A/c (3100*($42-$20)		68200
d)	Cash A/c Dr. (1900*$45)	85500
	To Common stock A/c (1900*$20)		38000
	To Paid in Capital A/c (1900*($45-$20))		47500
e)	Common Stock A/c Dr. (1200*$49)	58800
	To Cash A/c (1200*$20)		24000
	To General Reserve A/c (1200*($49-20)		34800
f)	General Reserve A/c Dr.($7990+$5460+$34800)	48250
	To Capital Redemtion Reserve A/c		48250