Hi nandish gurulingappa,
I tried the above u suggested steps.After power on the my wandboardboard-quad it is displaying wandboard.org logo not displaying my logo.I followed steps as mentioned below is any wrong please let me know.My actual image is below mentioned.

Converted .png to .pnm and .pnm to .ppm
step-1.
-->pngtopnm whileboot.png > linuxlogo.pnm
-->pnmquant 224 linuxlogo.pnm > linuxlogo224.pnm
-->pnmtoplainpnm linuxlogo224.pnm > linuxlogo224.ppm
step-2.
Later moved the linuxlogo224.ppm file to build/tmp/work/wandboard_quad-poky-linux-gnueabi/linux-wandboard/3.10.17-r0/git/drivers/video/logo replaced it as logo_linux_clut224.ppm
step-3.
Compiled the image
-->bitbake core-image-minimal
The image flashed to sdcard by below command
-->sudo dd if=tmp/deploy/images/wandboard-quad/core-image-minimal-wandboard-quad.sdcard of=/dev/sdb bs=4M && sudo sync
And finally verified on my target board its not displayed my logo.What is the issue?Please let me know.
Thanks and Regards.