First of all, it's such a strange sentence in English that it's hard to think of any normal circumstance in which it would be said. Is this the sort of sentence that would actually get uttered in French? As for the English grammar, "There is yours and mine," is not incorrect, on the model of "there is right and wrong." The subject in this case is distributed to both predicates: There is right and [there is] wrong. There is your book and [there is] mine. Moreover, if an English speaker were actually to utter the sentence, this is what he or she would more likely say.