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

Article ID
ias-1505
Article Name
What are the postings required when dealing with purchase of own shares?
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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