Related Party Transactions	9 Months Ended
Aug. 31, 2011
Notes to Financial Statements
Related Party Transactions	3. Related Party Transactions a) For the nine months ended August 31, 2010, the Company recognized $Nil (August 31, 2008 - $4,500) for donated services provided by the former President of the Company. b) For the nine months ended August 31, 2010, the Company incurred $4,500 (August 31, 2008 - $1,794) in donated rent to a company controlled by the President of the Company, and is indebted to the President for $51,780 (November 30, 2008 - $4,150) for advances and expenses paid for on behalf of the Company, which is non-interest bearing, unsecured and due on demand. c) As of August 31, 2010, the Company is indebted to the Chief Executive Officer of the Company for $2,530 (November 30, 2008 - $2,530) for expenses paid for on behalf of the Company, which is non-interest bearing, unsecured and due on demand.

Related Party Transactions

9 Months Ended

Aug. 31, 2011

3. Related Party Transactions

a) For the nine months ended August 31, 2010, the Company recognized $Nil (August 31, 2008 - $4,500) for donated services provided by the former President of the Company.

b) For the nine months ended August 31, 2010, the Company incurred $4,500 (August 31, 2008 - $1,794) in donated rent to a company controlled by the President of the Company, and is indebted to the President for $51,780 (November 30, 2008 - $4,150) for advances and expenses paid for on behalf of the Company, which is non-interest bearing, unsecured and due on demand.

c) As of August 31, 2010, the Company is indebted to the Chief Executive Officer of the Company for $2,530 (November 30, 2008 - $2,530) for expenses paid for on behalf of the Company, which is non-interest bearing, unsecured and due on demand.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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+ Details

CHANCERY RESOURCES, INC. 10-Q