The document discusses phasor diagrams and equivalent circuits of transformers. It presents phasor diagrams showing the relationship between voltages and currents for transformers under no load, unity power factor load, lagging power factor load, and leading power factor load conditions. It then derives the equivalent circuit models of transformers by representing the transformer components like winding resistances and leakage fluxes as circuit elements. The equivalent circuits are developed with parameters referred to both the primary and secondary sides. Approximate equivalent circuits neglecting the no-load current are also presented.