Could somebody please give me the meaning of the phrase "There's where it is".
Somebody just stated something clever and then added this.
The apostrophe denotes a missing letter (in this case the letter i). The phrase is actually:
There is where it is.
This assumes that you already know what it refers to.
eg. if it refers to your cat, and your cat is sitting on your car, and you asked your friend 'Do you know where my cat is?', they could point to your car and say 'There's where it is'