The average age of employees of a company is 55 years the retirement age is 60 years. The defined benefit plan introduced in the current year envisages payment of extra-retirement benefit equal to 10% of the last salary drawn for each of year of service put in by the employee from the date of commencement of scheme till the date of retirement. The present salary bill of the company is  ₹100 lakh per annum that is likely to increase to ₹150 lakh by the end of fi ve years from now. The appropriate discount rate is 8% p.a. Show how this is to be recognized as liability in the annual accounts during this period.