what is pripaid expences nd difference bteween pripaid and
advance
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Answer Posted / thasleem ali
prepaid expenses are the expense which paid in advance for the upcoming expenses also
eg.rent paid,electricity and water paid
Advance will be treated as expense when it pay, and it will become income when it get refund.
eg.salary advance,short term loan etc
advance coming under loans and advance
Prepaid expense comes under expense
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