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Problem 1: Ben and Ric are partners who share profits and losses in the ratio of 6:4, respectively. On May 1, 2009, their respective capital accounts were as follows: Ben, P60,000 and Ric, P50,000. On that date, Lito was admitted as a partner with a one-third interest in capital and profits for an investment of P40,000. The new partnership began with a total capital of P150,000. Immediately after Lito's admission, Ben's capital account balance should be:
A. P50,000B. P54,000C. P56,667D. P60,000
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