Paint is a very inexpensive way to change a room. If you really don't like it I suggest paint, it will make the biggest impact.

I have a 7 feet by 10 feet room where I need to put in a small study table as well as a small dining area. Would appreciate suggestions

see according to your discription about the room u should place the wardrobe on the right corner close to the bathroom as it must will be lot more easier for u to access the cupboard beside going to the other end of the room and a large l shaped table with over head storage and underneath the table so that u can store more of the stuff with minimum usage of the area and the reason behind this long ribbon like table all over the area is to provide max. space for ur work area as well as study like u can study or work in front of that window so that u can get the natural light in the day and the left corner can be used for operating your pc ......i hope u can understand my logic something like this kind of storage above that study table to keep things more organized ......and u can even use mirror panels for your cupboard that will give you full length mirror coverage

You have to clarify which side you are going to fix cot if you need wadrobe and study table is simple or big with book shelf