(When Insurance Policy is taken out to provide cash for redemption of debentures

(When Insurance Policy is taken out to provide cash for redemption of debentures).Go Go Ltd. issued 500 12% Debentures of Rs.100 each at par on 1st April 2008 repayable at par after 3 years on 31st March 2011. The directors decided to take out an insurance policy to provide necessary cash for the redemption of the debentures. The annual premium for the policy payable on 1st April every year was Rs.15705.You are required to show the journal entries and to prepare the relevant ledger accounts in the books of the company relating to the issue and redemption of debentures.