Concept:Shareholders' fund consists of owners' equity items like share capital, share premium, and reserves. Debenture is borrowed capital, not part of it.
Explanation:Shareholders' fund represents money invested by owners plus retained earnings.
Ordinary shares are the basic ownership capital, so they form part of shareholders' fund.
Share premium is the extra amount received over the par value of shares; it belongs to shareholders.
Profit kept in the business is retained earnings, which also increases shareholders' fund.
A debenture is a loan raised by the company from debenture holders.
Debenture holders are creditors, not owners, and they receive fixed interest.
Therefore, debenture is a liability or borrowed fund, not equity.
Answer:D. Debenture