Large living room is organized to serve multiple purposes without areas interupting eachother.
Sitting and TV area is next to big windows. You can either keep your two sofas or if you want a new one, I recomend IKEA NOCKEBY sofa in dark grey colour. http://www.ikea.com/us/en/catalog/products/S09021055/#/S6902106
Behind the living area there is enough space for storage and work desk.
In the middle of the room there is a large area where children can play. It's in the middle of the room so you can see them from anywhere in the room.
Dining area is near the kitchen. There is a kitchen sideboard/island on the wall separating kitchen and living room.

You can see the furnitire proposed is from IKEA, mostly from Stocholm colection in walnut veneer, which goes well with orange paint of the walls.
For the walls I recomend Benjamin Moore Autumn Orange 2156-10.
But if you like more light colours, I recomend Benjamin Moore Mayan Goold 175.
For details I recomend dark pink, orange, white and silver.
Hope you like the design!