Factoring of receivables

HELLO Mr.Chris hope you had a splendid weekend An entity has an outstanding receivables balance with a major customer amounting to $12 million, and this was factored to Limited finance Co on 1 September 20X7. The terms of the factoring were: Limited Finance Co will pay 80% of the gross receivable outstanding account to the entity immediately. ? The balance will be paid (less the charges below) when the debt is collected in full. Any amount of the debt outstanding after four months will be transferred back to the entity at its full book value. ? Limited Finance Co will charge 1% per month of the net amount owing from the entity at the beginning of each month. Limited Finance Co had not collected any of the factored receivable amount by the year-end. ? the entity debited the cash from Limited Finance Co to its bank account and removed the receivable from its accounts. It has prudently charged the difference as an administration cost. How should this arrangement be accounted for in the financial statements for the year ended 30 September 20X7? the answer says this: dr receivables 12m cr admin costs 2.4m cr loan 9.6m dr finance costs 96k cr accruals 96k here's what i don't understand : 1-what are the journal entries if we DO receive that remaining 2.4 mil? 2-what are the entries if Limited finance co DON'T receive that amount in full say 11m and returns the remaining back to us? 3-what happens when the Limited Finance co doesn't receive the rest of the money that he hopes to receive at all? 4-what happens if the Limited Finance co suddenly decides to terminate the contract but we have recorded 1 month's worth of finance costs? thanks for your time