What are the postings required when dealing with purchase of own shares?

Article ID

ias-1505

Article Name

Created Date

26th May 2004

Product

IRIS Accounts Production

Problem

What are the postings required when dealing with purchase of own shares?

Resolution

Posting needs to be made using one of the Purchase of own shares codes under the Reserve Group, which are accounts 968-973. Purchase of own shares will be Sub Account 3. For example 968/3 The other side would go to Group 801- Called up share capital: Account code 966 Please refer to the chart of accounts. (Help | Help | Chart of accounts)

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