EXPECTATIONS
1.
2.
3.
4.
Students will be able to practice journal entry theory in an active an
enjoyable board game simulation. You may want to play a shortened
version of the game by following some suggestions on the game
instructions. See below in “Instructions” section also.
Students will be able to journalize, post and total daily monopoly
transactions, at a swift and accurate pace, while at the same time
ensuring transactions are accurate and balanced.
Students will be able to produce a set of formal Balance Sheet and Net
Income/Loss statement from their financial records.
Students will develop an individual confidence for journalizing
transactions in an enjoyable and co-operative game setting.
FINAL PROJECT EVALUATION [50 marks]
After 2 – 3 days of game play, students will use completed financial records to
formulate a final summative report evaluation. Included in this summative report
evaluation will be:
1. All completed journal transaction pages (in tidy form)
2. All completed columnar ledger account pages (in tidy form)
3. Completed daily cash reconciliation sheet, daily DR/CR check and property
investment portfolio list.
4. Formal Trial Balance of final ledger account totals.
5. Formal Income Statement
6. Formal Balance Sheet – Business Owner: Your Name, Monopoly Accounting
7. Professionally themed Title Page
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Name: _________________________
DAILY CASH RECONCILIATION SHEET
Date
Cash in Hand
Total
Cash Account
Total
Overage/Shortage
(Cash in hand –Account Total)
Board
Location
n.b. Show negative balances in brackets.
DAILY CHECK OF DR/CR BALANCE
Date
Total DR’s
Total CR’s
Balance
PROPERTY INVESTMENTS
Transaction #
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Property Name
Property Value
Buildings
Building Value
INSTRUCTIONS
Introduction
The object of the game of Monopoly Accounting is to buy, rent or sell properties
profitably and earn the highest return of Net Income among all students in the
group/class. Essentially, the rules of Monopoly Accounting mirror those of the
regular game of Monopoly, except that players do not need to own all properties of
a given set in order to purchase buildings for them. Properties can be bought,
mortgaged and sold to other game members. Students must pass GO at least once
prior to purchasing any property. Students who are absent from one day of game
play, automatically forfeit all property holdings back to the bank for other
members to purchase in future rounds. It is important to clarify that students
need to record everything that happens each turn.
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2.
3.
4.
Each group shall appoint one member of the group to serve as BANKER
for the day. This role should rotate each day of play.
Each game begins with participants receiving $1500 from the bank. This
cash disbursement should be recorded as the opening entry in the journal
and immediately posted to the columnar ledger accounts. (DR – Cash and
CR – Capital)
After each move, students must enter financial transactions in their
journal. Be careful, as some transactions will affect more than one
player, and therefore must be recorded in more than one person’s
financial records.
At the end of each day of play students should complete the
following tasks:
a.
b.
c.
d.
e.
f.
g.
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Count and record the amount of cash in your hand in the daily cash
reconciliation sheet.
Post each journal entry to appropriate columnar ledger accounts. Be sure to use
only ONE line in the ledger for each transaction, so that transaction DR’s & CR’s
can be matched later for accuracy.
Conduct final total balances for each ledger account once all transactions have
been posted. Include previous day totals in each consecutive day totals.
Careful, some accounts involve both DR and CR entries – calculate final balances!
Record your final Cash account balance on the daily cash reconciliation sheet, at
the end of each day.
Calculate the Overage/Shortage/Equality of Cash in hand vs. Cash account
balance. They should equal!!
Lastly, do a working trial balance to ensure total DR = total CR!
Unfortunately….if Total Debits DO NOT EQUAL Total Credits, you must find
your errors before your game play may continue!
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