I read Wikipedia article about formal power series, but I don't get an intuitive idea... I had several doubts regarding this topic
1)Why we need formal power series
2)Formal power series does not give any significance to convergence, then why we used a diverging mathematical entity?
3)I read formal power series as a set of coefficients, I don't get what it means?
4)Can we represent a converging function($1+x$) by a formal power series?
5)Can we represent a function with a pole ($1\over{1+x}$) for $x>>1\&x<<1$ by a formal power series?
Please help me to get an intuitive idea rather than some mathematical formulae
It extends the concept of polynomial to an infinity of terms. And it has nothing to do with convergence or divergence, since it is not a sum of functions. You're confusing formal power series and functions defined by power series. Formal power series are defined for any commutative ring of coefficients.