Answer Posted / h.r. sreepada bhagi

Certain expenses are paid in an accounting period prior to
which the expense actually relates & these are called
Prepaid Expenses. For example, payment towards Annual
Maintenance Contract (AMC) paid during the middle of a year
for 1 year. The portion which relates to the next year is
prepaid expense.

Where as advance may be for anything like advance for supply
of goods, assets, services, etc, including expenses. Both
are coming under Current Assets, Loans & Advances in the
Balance Sheet.
In short, all prepaid expenses are advances, but all
advances need not be pre-paid expenses.

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