Jaman Ltd, a manufacturer and supplier of aluminum utensils for households, has recently established a new facility in Kumasi. To help in this new operation, Jaman Ltd have secured a number of grants from the Government of Ghana and are unsure how the grants are to be accounted for in the financial statement. The company has a year-end of 30 April 2017, and all the following transactions took place on 1 May 2016.

 i) Jaman Ltd has been awarded a grant for GHS 80,000, to be received over three years in respect of providing employment to fresh graduates in the area.

 ii) Jaman Ltd received a GHS 5,000 grant from the Ministry of Business Development for the initial training of the new employees.

 iii) The company also received a grant of GHS12,000 from the Ministry of Special Development Initiative towards the acquisition of a GHS600,00 machine. The machine has a useful economic life of 8 years and an estimated residual value of GHS60,000. Depreciation is on the straight-line basis. 

Required 

Explain how each of the above should be accounted for in the financial statements of Jaman Ltd for the year ended 30 April 2017, in accordance with IAS 20: Account for Government Grants and Disclosure of Government Assistance