Cloud microphysics plays important role on the storm dynamics. To investigate the impact of advanced microphysics schemes, using single and double moment (WSM6/WDM6) schemes, numerical simulations are conducted for a severe convective system that formed over the Korean Peninsula. Spatial rainfall distribution and pattern correlation associated with the convective system are improved in WDM6. During developing stage of the system, the distribution of total hydrometeors is larger in WDM6 compared to WSM6. Along with mixing ratio of hydrometeors (cloud, rain, graupel, snow and ice),number concentration of cloud and rainwater are also predicted in WDM6. To understand the differences in vertical representation of cloud hydrometeors between the schemes, rain number concentration (Nr) from WSM6 is also computed using particle density to compare with Nr readily available in WDM6.Varied vertical distribution, and large differences in rain number concentration, rain particle mass are evident between the schemes. Inclusion of number concentration of rain and cloud, CCN along with mixing ratio of different hydrometers have improved the storm morphology in WDM6. Inorder to investigate the cloud-aerosol interactions, numerical simulation has been conducted using an increase in CCN(aerosol) in WDM6 which has shown an improved rainfall distribution with intense hydrometer distribution. The latent heating (LH) rates of different phase change processes (condensation, evaporation, freezing, melting, sublimation and deposition) are also computed using various transformation rate terms in the microphysics modules. It is inferred that the change in aerosol has increased the LH of evaporation and freezing and affected the warming and cooling processes, cloud vertical distribution and subsequent rainfall.