In a random ınating small population components of genetic variance of a guantitative trait are studied as a stochastic process över discrete generations for a two-locus dominance mo- del. Siugle-locus and two locus terms in the expected values of the components are defined and solved by using the marginal and simultaneous distributions of two locus gene freguencies. Theoretical expectations of the variances are obtained for a genetic system simulated pre- viously. These expectations are compared with the results in simulation. A faster decrease in genetic variance components is observed in simulation. Probable reasons for this are discussed. In theoretical expecetations the effect of linkage diseguilibrium on both additive and do- minance variances is found to be significant. Even in the case of initial linkage eguilibrium there is an increase in dominance variance in early generations since some expectations related to the joint distributions of two genes are not zero in replicate lines.