Financial Instruments

In terms of derecognise an financial assets,
Q:an entity sells a group of its account receivable to a bank at less than their face value. The entity continues to handle collection from the debtor on behalf of the bank, including sending mthly stmts and the bank pays the entity a market-rate for servicing the debtor. The entity is obglied to remit prompyly to the bank any and all amount collected but the entity has no obligation to the bank for slow payment or non-payment by the debtors.

Ans: the entity has transfered substantially all of the risks and rewards of ownership of the receivables. Accordingly, it removes the receivables from sofp and it shows no liability in respect of the proceeds received from the bank
The entity recognises a loss calculated as the difference between the carrying amt of the receivables at the time of sales and proceeds received from the bank. The entity recognises a entity to the extent that it has collected funds from the debtors but has not yet remitted them to the bank.

May I know what does the following sentence meand?

it shows no liability in respect of the proceeds received from the bank
The entity recognises a loss calculated as the difference between the carrying amt of the receivables at the time of sales and proceeds received from the bank. The entity recognises a entity to the extent that it has collected funds from the debtors but has not yet remitted them to the bank.
Thanks sir