Explanation:

- Option 1: Personal Account

- Deals with accounts of individuals, firms, and companies.

- Tracks transactions related to people or entities.

- Option 2: Real Account

- Represents tangible and intangible assets.

- Includes assets like cash, machinery, and property.

- Option 3: Nominal Account

- Accounts for income, expenses, losses, and gains.

- Balances are transferred to the profit and loss account.

- Option 4: Real and Nominal Account, both

- Involves characteristics of both real and nominal accounts.

- Not commonly used in defining Receipts and Payments Account.

- Correct Answer:

- Real Account

- ? The Receipts and Payments Account tracks actual cash flow, akin to a cash account and considered a real account.