B$.$ Keeping in view the IAS $20,$ prepare the joumal entries of following transactions of ABC Ltd:

XYZ Ltd has received grant from government for the cost of new machinery item. The grant is of $20\%$ of the cost of machinery and cost is Rs$,220,000.$ The machinery has useful life of $4$ years. Management has considered the scrape amount at the end of is zero. The gross protits before charging depreciation expense and grant income is Rs$.68,000$ and it is expected the amount will be same per year in following four years.

Required:

Suggest the accounting treatment of the grant Rs$,68,000$ in the books of XYZ Ltd$.$