Receipt and payment account has the following limitation(s).

1. It does not reveal surplus or deficit for the year
2. It does not indicate financial position of the organisation
3. It does not disclose details of receipts and payment
4. All of these

All of these

Reason — The main limitations of Receipts and Payments Account are: (i) It does not reveal the surplus or deficit for the year because it records all receipts and payments irrespective of whether they are capital or revenue and irrespective of the period (previous, current or future); (ii) It does not indicate the financial position of the organisation as it shows only cash position, not assets and liabilities; (iii) It does not disclose detailed information about receipts and payments since they are summarised under headings.