If the premium amount has not been received, in respect of the shares…

The correct answer is option 2- Will be debited at the time of forfeiture.

If the premium amount has not been received, in respect of the shares forfeited, the Securities Premium Reserve Account will be debited at the time of forfeiture.

 

Forfeiture of Shares issued at Premium:
Share Capital A/c..........(Called up amount) Dr.
Securities premium A/c........(Premium amount) Dr.
     To Share Forfeiture A/c...........(Paid up amount)
     To Share Allotment A/c............(Amount not received)
     To Calls in arrears A/c.............. (Amount not received)
(Shares forfeited for non-payment of allotment money and calls made)