Question

Prakash sells his personal car at a loss. is it a business loss? which main element of business will explain the answer to the above question?​

Answer 1

Step-by-step explanation:

Selling personal assets is a non-economic activity, hence not a business, as business involves buying and selling of goods and services on regular basis.

Therefore if Mr. Prakash sells his personal car at loss it would nether be considered as a business activity and nor a business loss.