At the time of forfeiture, share capital account is

When shares are forfeited, the Share Capital Account is debited with called up value.

The journal entry for forfeiture is:

Share Capital A/c ... Dr (Called up value)

To Share Forfeiture A/c (Amount already paid)

To Calls-in-Arrears A/c (Amount not paid)

Understanding called up value:

Called up value = Amount that the company has asked shareholders to pay (not necessarily the full face value). It includes all calls made till date.

For example, if a share of ₹10 is issued and ₹7 has been called up (say ₹3 on application, ₹2 on allotment, ₹2 on first call), then the called up value is ₹7, even though face value is ₹10.

Why called up value and not face value?

When shares were originally issued and allotted, Share Capital Account was credited with only the called up amount. At the time of forfeiture, we reverse this entry by debiting Share Capital with the same called up amount.

The uncalled portion (₹3 in above example) was never recorded in Share Capital Account, so it cannot be debited now.