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Q. 3) Kunja Chaya Builders began operations on 1 August 2021 and completed the following transactions during the first month. (11+ 4 Marks) 1. Mr. Ikram Khan, the founder of Kunja Chaya invested $170,000 cash in the business. 2 Paid $900 for office rent, $600 for utilities and $ 300 for repairs for the month, 3. Purchased $1600 of supplies on account. 5 Paid $1250 to advertise in the Southeast News. 9 Received $400,000 cash for sale of new flats to a customer. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of repair services on account for Asset Developers. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on August 3. 23 Received a cash payment of $4,000 for services performed on account on August 15. 26 Borrowed $50,000 from the Jamuna bank for developing new flats in Purbachol Project. 29 Purchased a new vehicle for $40,000 on account from . 30 A new equipment was purchased at a cost of $24,000, of which $14,000 was paid in cash. A loan payable was given for the remainder. Required a) Show the effects of each of the transctions as well as the total balances on each item on accounting equation using a sample format given below: Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Date Cash + Receivable + Supplies - Equipment = Payable + Payable + Capital - Drawings + Revenues - Expenses b) Prepare an income statement, owner's equity statement and a balance sheet for the month