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I have a question regarding example 2 of Chapter 13 ‘Capital Structure and Finance Costs’.
In part a) the debt is divided by the total of share capital + reserves + debentures.
However in part b) the debt is only divided by the total of share capital + debentures.
What happened with reserves?
Are they supposed to be in part b) as well, or should they be removed from part a)?Your help will be much appreciated.
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