Interpretation

Hi sir, would you please answer my question?

Statement of financial position at 31 July 20X4
20X4 20X3
$000 $000
Non-current assets
Property, plant and equipment 559,590 341,400
Current assets
Inventory 109,400 88,760
Receivables 419,455 206,550
Bank 95,400
––––––––– –––––––––
1,088,445 732,110
––––––––– –––––––––
Equity and reserves
$1 ordinary shares 140,000 100,000
Share premium 40,000 20,000
Revaluation reserve 10,000
Retained earnings 406,165 287,420
––––––––– –––––––––
596,165 407,420
Non-current liabilities
10% Bank loan 20X7 61,600 83,100
Current liabilities
Payables 345,480 179,590
Bank overdraft 30,200
Taxation 55,000 62,000
––––––––– –––––––––
1,088,445 732,110

State the definition and calculate the debt-equity ratio for the year ended 31 July 20X4,
together with the comparative for the earlier year.

The answer in kaplan revision kit: Debt-equity ratio: (Long-term loans/Shareholders’ funds) × 100)
20X4 ((61,600/596,165) × 100) = 10.33%
20X3 ((83,100/407,420) × 100) = 20.40%

But i dont understand it, is not debt ratio formula should be like Total debt/ Total asset?

Thanks in advance!