ACCOUNTING ENTRIES

Contact supplier regarding outstanding payment return.

But they took the payment and kept it. 

Since you have not raised any debit note, but made payment from wrong bank account, the supplier did not return the payment to rectify error, you can proceed further. 

Your debt and credit balance needs more info please

Now in your payments journals, update the new correct bank account. Then transfer the 5000/₹ from this bank account to the bank account you initially paid 5000/₹ from. Request the supplier to reissue payment receipt with new bank account updated if that is possible on your ERP. 

There is no need to use prior period changes as amounts are not restated. But make clear notes of what has happened. 

If you made payment to some other account, then, write off as Supplier account written off. Sorry, I couldn’t get if you made payment from wrong account, or you made payment to the wrong account, if you can please clarify. Txs

Purchases a/c 9332

To Supplier a/c 4332

To Wrong supplier a/c 5000

if you did it this way, you must have asked the wrong supplier to return the money back. Until he returns

Receivables a/c 5000

To Debit note/purchase returns/reimbursement  a/c 5000

if you did not get the amount from wrong supplier, then

Bad debt written off a/c 5000

To Receivables a/c 5000

and Male another entry

suspense a/c 5000

To Correct Creditor a/c 5000

its you know how the transaction flows. Hope you got my gist.