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Ross Forrester
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Hi [USER=100660]@jennyt[/USER] the sale of shares is a transaction that occurs outside of the company. So no company Cash is affected and no journal entries are required.

The company keeps on operating.

If you are a registered asic agent you will need to lodge a form 484 showing the decrease and increase in the number of shares.

The balance sheet of the entity acquiring the shares will need to show the purchase of the shares as an asset for $50,000.

I hope I have explained this. Happy to answer questions.