The accounting equation tells us that the assets of an organization is going to be the same as the summation of the liabilities and the owner's equity.

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What you owe is your liability. It is the accounts payable and any pending loans. In other words, these are the financial obligations of your business.
The owners’ equity, also known as shareholder’s equity is the retained earnings that you have and also the share capital values.
The assets for you will be the cash, the accounts receivables, what you have in your inventory and the equipment you have with you.