Buyback of shares - accounting entries

Naveen (Accountant) (47 Points)

14 March 2012  

Hi, Ours is a Pvt Ltd Company. A share holder purhcased shares of face value Rs.10/- each for Rs.360/- in the company in year Nov 2010.  Now the company bought back some of the shares at a price of Rs.1885/-.  Please let me know what are the accounting entries need to be passed in the books of accounts for this transaction.