In AC circuit will there be a voltage drop or current drop
There is no such thing as an "ac voltage source of...1 amp". If you are asking about a real world power supply with a current limit of 1 A then you need to read the datasheet to see what happens when you exceed the recommended operating conditions.

If you want to analyze a circuit you also need to specify whether the loads are connected in series or parallel. Two loads connected in parallel will always have the same voltage. Two loads connected in series will always have the same current.

Any load connected in parallel with an ideal voltage source will have the same voltage, regardless of how much current it draws.