A voltage transformer theory is just like a theory of general purpose step down transformer. Primary of this transformer is connected across the phase and ground. Just like the transformer used for stepping down purpose, potential transformer i.e. PT has lower turns winding at its secondary.
When system voltage is applied to the primary winding of a voltage transformer, a corresponding secondary voltage is produced at the secondary terminals.
The secondary voltage of the PT is generally 110 V. In an ideal potential transformer or voltage transformer, when rated burden gets connected across the secondary; the ratio of primary and secondary voltages of transformer is equal to the turns ratio and furthermore, the two terminal voltages are in precise phase opposite to each other. But in actual transformer, there must be an error in the voltage ratio as well as in the phase angle between primary and secondary voltages.
Errors in voltage transformers, crucial to understanding their function, can be effectively illustrated using phasor diagrams.