Explain, with an example, the sharing of profits and losses in a limited partnership

What will be an ideal response?

A limited partnership agreement may specify how profits and losses from the limited partnership are to be allocated among the general and limited partners.
If there is no such agreement, the RULPA provides that profits and losses from a limited partnership are shared on the basis of the value of each partner's capital contribution.
Example: There are four general partners, each of whom contributes $50,000 in capital to the limited partnership, and four limited partners, each of whom contributes $200,000 capital. The total amount of contributed capital is $1 million. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $3 million in profits. Under the RULPA, each general partner would receive $150,000 in profit, and each limited partner would receive $600,000 in profit.