This should be done early in a beginning Accounting course to introduce temporary accounts. It assumes that up until this point when they have done general journal entries they have put expenses and revenues directly into capital to reflect the changes in capital. This illustration points out the need for temporary accounts to keep track of individual revenues and expenses.
Divide the students into two teams (I usually have the girls play against the boys). Each student needs to have one blank sheet of paper with a huge t-account drawn on it labeled Capital, one for Cash, and one for Property. Each team should also have a "Clerk" who records which properties are acquired their team.
Set up one Monopoly board and do all the rolling of the dice and moving of the pieces. Each time the piece lands on an un-owned property, the team has to purchase it and the clerk records that the team then owns it. When the opposing team lands on a purchased property, rent is 10% of the purchase price. Make up other rules as you feel appropriate.
Play the game and have students record their transactions in the three t-accounts until the capital accounts has a good number of debits and credits. Then stop the game and ask them to quickly tell you how much has been spent on Rent, Taxes, Jail, or whatever. Ask them if they had an income or a loss.
Now re-do the game with more t-accounts for Rent Income, Rent Expense, Tax Expense, Jail Expense, Misc. Income, Misc. Expense, and whatever else you want. After a number of transactions have been made, stop the game again and ask the same questions regarding profit/loss and other amounts.