HTML 3.2 already has more formatting capabilities than HTML 2.0. Bold and italic are options that already occurred in 2.0. But in 3.2 underlined text joined the HTML system.
The right and center alignment are possible now in 3.2. HTML 2.0 text could only be aligned left. To HTML 3.2 color format and font size are added. Font became first an atrribute in HTML 4.
Like in HTML 2.0 bullets and hyperlinks can be set in this release; furthermore, so-called text heads in six sizes and horizontal lines of separation. New in 3.2 are the tables.
In HTML 3.2, the following elements are included:
The * marked elements are new in HTML 3.2.
The elements SCRIPT en STYLE are part of HTML 3.2, but only as a reservation for the future integration of scripts and stylesheets. In HTML 3.2 there are still no attributes present.
This list of (layout) elements above is based on the following page: http://www.w3.org/TR/REC-html32.
Remarks. HTML 1.0 and its later versions 2.0, 3.2 and 4.01 are based on the principles of SGML (= Standard Generalized Markup Language), a meta language that creates a hierarchical structure inside the document: the HEAD section and BODY section inside the HTML section.
The elements in this structure are defined with so-called tags. Elements can also have attributes that contain more information about that element like color or font size.