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sir in share for share exchange or cash offer, i always use a tabular approach. And even when unexpired basis is to be calculated and futures hedge is involved, i again use a tabular approach, albeit different. So, my concern is do i need to explain every thing step by step like examiner does? Or showing calculations in a presentable manner is fine?
You do not need to explain everything.
However the one benefit there can be of explaining is that if it is clear that you are trying to do the right thing then you still get marks even if you make a mistake (whereas if you make a mistake but it is not clear what you were trying to do then you risk losing all the marks for that part).
So it is really up to you to judge as to how confident you are of your workings and how obvious (or not) your workings are clear to the marker (and this applies throughout the exam) 🙂
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