Example $14.$ Partnership Profit Distribution

Question: Praveen Company is a partnership with partners A$,$ B$,$ and C$,$ sharing profits in the ratio of $3$:$2$:$1.$ The partnership earned a profit of $$120,000$ for the year. Partner A has a capital account balance of $$50,000,$ Partner B has $$40,000,$ and Partner C has $$30,000.$ Calculate the amount of profit allocated to each partner. Additionally, explain how the partnership agreement affects the profit distribution and the impact on each partner's capital account.