The correct answer is (A)- (IV), (B)- (III), (C)- (II), (D)- (I).

Explanation:
When a company forfeits shares due to non-payment of calls, the journal entry involves cancelling the share capital and adjusting the unpaid amounts and the amounts already received. Let us examine the treatment of each account involved in the forfeiture entry as presented in the columns:

1. (A) Share Capital Account matches with (IV) Debited with amount called up:
At the time of forfeiture, the Share Capital Account is debited to cancel the share capital to the extent of the amount that has been called up on those shares till the date of forfeiture.

2. (B) Share Forfeited Account matches with (III) Credited with amount received towards share capital:
The Share Forfeited Account is credited with the actual amount that the company has already received from the defaulting shareholder towards the share capital.

3. (C) Calls-in-arrears Account matches with (II) Credited with amount not received:
The Calls-in-arrears Account (representing the unpaid call amounts) is credited to close or reduce the outstanding balance of unpaid calls on the forfeited shares.

4. (D) Securities Premium Account matches with (I) Debited with amount not received:
If the premium on shares was called but not received, the Securities Premium Account is debited to cancel the premium amount that was previously recorded as due but remained uncollected.

Journal Entry Summary for Forfeiture of Shares:

Share Capital A/c (Debited with Called-up Amount) ... Dr.
Securities Premium A/c (Debited with Premium called but not received) ... Dr.
    To Share Forfeited A/c (Credited with Amount received towards capital)
    To Calls-in-arrears A/c (Credited with Amount called but not received)