Compute the cost of Restaurant's furniture acquired by Mr. Waqar

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.



  1. Chairs were bought at a price of Rs. 10,000 each.
  2. Table had cost of Rs. 100,000 subject to 10% trade discount.
  3. Receptionist's table costing Rs. 30,000.
  4. Side Tables was purchased at a total cost of Rs. 35,000.
  5. Sofas for Rs. 35,000 each.
  6. Coffee table 100,000 subject to 25% trade discount.
  7. Mr. Waqar also paid 20,000 in freight charges & 20,000.
  8. Mr. Waqar also applied an special paint protector. which will increase the paint life by 2 years at a cost of Rs. 60,000.
  9. 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.
  10. 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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