Bill sent for collection means
Check from Debtor
Now we are afraid that
Check may be lost or misused
And it has a delay of 1.5 to 3 months
So what we do
We send
Check to
Bank To keep it for 3 months
And after 3 months
Clear it
And deposit money in our account
This is called Bill sent for collection
So friends
Entries of Buyer are same
What is the difference of Seller
Entry is Debtor to Sale
And when he sends receivable to bank
Then receivable goes
And Bill sent for collection
Account is Debit
And if bill is cleared on time
Then Bank Account Debit to Bill sent for collection
And if it is not clear
Then we catch Debtor again
Debtor Account Debit to Bill sent for collection
Very Simple
Very Very Simple