. Receipts and payments account is a

A: Personal Account

B: Nominal Account

C: Real Account

D: Representative Account

Best Answer

Explanation:

Personal account includes all accounts related to a person, organizations, banks etc.

Nominal account includes all accounts related to expenses, losses, income and gains.

Real account includes all accounts related to assets like land, machine, cash etc. (except debtor, which is a personal account).

Representative account is also a personal account as it represents some person.

Final Answer:

Hence, the correct answer is option C: Real Account.

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