Equity is nothing but a part of the ownership and debt is a 
liability,
clearly means for ex: Equity shares, Debetures
Equity share holders are the actual or Real owners of the 
company, where as debenture holders are the people who has 
given money to the company on the fixed interest basis.
there are preference shares also there like debentures they 
will get fixed dividend on every year end whether the 
company will get profits or losses no matter at all.