2. 3. Question 3 Serena Ple acquired 85% of the share capital of Venus Ltd on 1 January 2016 when Venus Lid's retained earnings were 4,900,000. Their individual Statements of Financial Position for Serena Plc and Venus Ltd at 31 December 2016 are: Venus Ltd 4. Assets Non-current assets Property, plant and equipment Investment at cost Current assets Inventories Trade receivables Cash and cash equivalents Total assets Equity and liabilities Equity Ordinary share capital Retained earnings Non-current liabilities Long term loan Current liabilities Trade payables Accruals Total equity and liabilities Serena Ple '000 3,525 5,885 2,885 4,305 405 '000 20,655 5,125 25,780 12,295 38,075 7,500 25,115 32,615 750 4,710 38,075 '000 1,480 1,860 860 2,045 400 '000 4,875 4,875 4,200 9,075 Additional Information: 1. During 2016 Venus Ltd sold goods to Serena Ple for 2,250,000. Venus Ltd sells all goods to achieve a gross profit margin of 40%. Serena Ple's inventory at year end included 750,000 of goods purchased from Venus Ltd. Venus Ltd's trade receivables include a balance of 187,500 owed from Serena Plc. Serena Ple's trade payables include a balance of 150,000 owed to Venus Ltd. Serena Ple made a BACS payment of 37,500 to Venus Ltd on 31 December 2016. The BACS payment was received in Venus Ltd's bank account on 3 January 2017. Ltd by Serena Ple the fair value of plant with a useful economic life of 3 years at 31" December 2015 was 900,000. The net book value of this plant at acquisition was 720,000. Following a due diligence of Venus 1,500 5,130 6,630 2,445 9,075 Requirement: Prepare the consolidated statement of financial position for Serena Group as at 31 December 2016, showing the following accounts: Cost of Control Non-controlling Interests Consolidated Reserves