A pronoun which substitutes a noun to show possession or ownership is called a possessive pronoun.
However, unlike a possessive noun, a possessive pronoun does not show possession by adding an apostrophe (') and an -s.
The possessive pronouns my, our, your, his, her, its, and their are used before the objects possessed or owned.
The possessive pronouns mine, yours, theirs, his, hers, and ours are used alone without mentioning the objects possessed or owned.
Possessive pronouns must agree in number and gender with their antecedents.
Correct:
Jake and Bill study in Grade V. They study in Grade V.
Janet played with her doll.
Incorrect:
Jake and Bill study in Grade V. He studies in Grade V.
Janet played with his doll.