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Share buy back in treasury

SimpleAccountsSimpleAccounts Registered, MAAT, AAT Licensed Accountant Posts: 1
Hi All

So i have a company client with Alphabet Shares. The shareholder holding all the Ordinary A shares died and the company bought these back for £130,000 consideration holding the shares in treasury. The same period the company received a payout of the £130,000 from the insurance company. Please note the company paid stamp duty on the £130k.

I have never dealt with buy back shares held in treasury before so need some advice.

How do I account for the transactions above under FRS102 1A and also any disclosure required.
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