I think one can use both of these formats, but mostly you can see the financial statements of banking sector in statement format.

Practically trading concerns use columnar shape (T account shape) and service sector like banking and DFIs use statement shape.

Students use T account shape, because it's easy and less time consuming in exam.

Well, Honey Shah I think you are sound at accounting. Plz visit tricky accounting question thread. You contribution is needed there.

Try to solve questions and post valued questions tips in that thread.