BJS College (BJS) was granted and paid a grant of ₹15,00,000 by UGC under border area. The major condition of the grant being released is that college should spend a total amount of ₹26,00,000 including the amount of grant over three years period for the development of a career counseling camps in the college. The college plans to spend Rs 7,80,000 in the first year, ₹5,20,000 in the second year and rest in the third year. Show how grant amount is to be recognized as income in the books of accounts.