Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The amount of Securities Premium Reserve to be debited at the time of forfeiture of shares will be:

Securities Premium Account is debited only for the premium amount that has not been realized.Let's analyze Mr. Rashidi (who defaulted on Allotment and Call):Ratio of Allotment = $\text{Applied}:\text{Allotted}=12,000:10,000=6:5$.Rashidi applied for 120 shares $\to$ Allotted shares $=120\times \frac{5}{6}=100$ shares.Application money received $=120\times ₹4=₹480$.Application money required $=100\times ₹4=₹400$.Surplus application money to be adjusted on allotment $=480-400=₹80$.Allotment money due $=100\times ₹4=₹400$ (comprising ₹200 for Capital + ₹200 for Premium).According to rules, surplus application money is adjusted first towards the face value of allotment capital, then towards the premium.Out of ₹400 allotment due, ₹200 is for capital. The ₹80 excess covers part of the capital due. Thus, no portion of the surplus reached the premium.Therefore, the entire premium of $100\times ₹2=₹200$ due from Rashidi remains unpaid.Mr. Shantanu paid up to allotment, so his premium was successfully collected and cannot be cancelled/debited.Hence, the Securities Premium Reserve is debited by ₹200.