There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below-
Assertion: The Securities Premium Account is not to be debited at the time of forfeiture if the premium has been received in respect of the forfeited shares.
Reasoning: The Companies Act 2013 restricts the use of Securities Premium Received and it is credited to Securities Premium Reserve Account.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.

If shares were initially issued at a premium and the premium amount has been fully realised, but some of the shares are forfeited due to non-payment of call money, the accounting treatment for forfeiture shall be on the same pattern as in the case of shares issued at par. The important point to be noted in this context is that the securities premium account is not to be debited at the time of forfeiture if the premium has been received in respect of the forfeited shares and the amount of forfeiture shall be excluding premium amount. In case, however, if the premium amount has not been received, either wholly or partially, in respect of the shares forfeited, the Securities Premium Reserve Account will also be debited with the amount of premium not received along with the Share Capital Account at the time forfeiture. Share Premium once received can be used only for the purposes as specified in the Companies Act.