The components of the balance of payment are as follows: 

1. Current account: The current account of BOP records the transactions related to exports and imports of goods and services and unilateral transfers from and to the rest of the world. The current account of BOP records the following components:

(i) Visible trade: Visible trade is the net export and import of goods. The balance of visible trade is referred to as the trade balance. When imports of goods are higher than the export of goods, there is a trade deficit. When the export of goods are higher than the import of good, there is a trade surplus.

(ii) Invisible trade: Invisible trade accounts for net exports and imports of services. Services include shipping, banking and insurance etc. 

(iii) Unilateral transfers to and from abroad: Unilateral transfers refer to payments that are provided to or received from the rest of the world as financial aid, gifts and remittances. Unilateral transfers are not factor payments.

(iv) Income receipts and payments: Income receipts and payments include factor payments and receipts. 

For examples: it includes rent on the property, profits on investments and interest on capital.

2. Capital account: The capital account of BOP records all transactions of a country that alter the status of assets and liabilities of a country. 

The capital account of BOP records the following components:

(i) Loans to and borrowings from abroad: This component consists of all loans and borrowings given to or received from the rest of the world. It includes both private sector loans and public sector loans.

(ii) Investments to and from abroad: This component includes investments made by non-residents in shares and equities in a country or investment in real estate in any country. The former investment does not provide any control over the asset and is known as portfolio investment. The latter investment provides control over the asset and it is known as foreign direct investment.

3. Autonomous and accommodating items: Autonomous and accommodating items are used to ensure that BOP balances are maintained. These are used to account for errors and discrepancies in BOP account.