Can I distribute profit to partners on monthly or quarterly basis, and how
You can distribute on any basis that suits your organisation.
You would use a Journal - for a distribution of profit do the following (for a loss - the opposite)
Debit - Retained Earnings
Credit - Capital - Partner - Share of Profit
@Brucanna’s response, of course, transfers earnings to a partner’s capital account. To actually distribute funds from the partner’s capital account, you would use Spend Money in whatever bank account the funds are coming from. Allocate the transaction to the capital account. This is the equivalent of:
Debit - capital-partner-share of profit account
Credit - bank account
@Tut’s method of categorizing the physical payment of your share of profit will work but if you want to segregate the type of transactions to the Capital Account sub-accounts you should consider using Drawings.