How shares & stocks purchased and sold (not as a business but as an investment) are to be accounted? Please suggest the accounting entries.

I think when you purchase, you DR your investment account and CR cash to account for purchase. It gets a bit tricky when you want to sell them. First DR cash with selling amount, then CR investment account, Then I think you need to create an account similar to your "Disposal Account", DR it with the amount which the shares cost and DR Income statement (IF IT'S A GAIN on investment) and then make a CR entry with the amount you sold the share for to close the disposal A/C

Hope it helps.