Mr. Waqar is in process of opening his fast food restaurant. For this purpose he purchased furniture from Anas woodworks. On August.1, He bought 20 chairs, 4 tables, a receptionist's table, 3 side tables, 2 Sofa, and a Coffee table. Following are the details of this purchase.
- Chairs were bought at a price of Rs. 10,000 each.
- Table had cost of Rs. 100,000 subject to 10% trade discount.
- Receptionist's table costing Rs. 30,000.
- Side Tables was purchased at a total cost of Rs. 35,000.
- Sofas for Rs. 35,000 each.
- Coffee table 100,000 subject to 25% trade discount.
- Mr. Waqar also paid 20,000 in freight charges & 20,000.
- Mr. Waqar also applied an special paint protector. which will increase the paint life by 2 years at a cost of Rs. 60,000.
- Mr. Waqar paid 50% of the amount by cheque, and the rest was subjected to 10% Cash discount if the account is settled before 25, August.
- Mr waqar settled his debt on 20, august.
Required: compute the total cost of the furniture and make journal entries in books of Mr. Waqar.
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