Can it be possible to create multisite with single admin. Means I can manage all content, images, menu ect. from single admin.

Its possible in drupal using domail access module.

NO
MultiSites does not provide a single administration to create menu, enable modules or define their position in a slave site or whatever else.

JMS just allows you create multiples websites with the same Joomla PHP code and therefore share the files and folder on the disk to reduce the maintenance.
The new JMS 1.2.x also provide facilities to share the content of some extensions and in particular the users that can become unique between several websites.

We have developed a speciific extension "Article Sharing for JMS" that allow displaying articles coming from any websites defined in JMS.
This mean that this is the website that will need them that will read (PULL) the articles from it original location to display it into its websites and its own layout.
This will NOT be a central place that will decide where (PUSH) to display the articles.
To achieve this kind of objective, we generally suggest to create section or group that the slave sites will be able to read (PULL).

So as you can see each website remain independent and decide themself what they want to display.
There is no central place where you decide for the other websites.

JMS just provide facilities to create dynamically slave sites, simplify the maintenance and the installation of the extensions.
It also provide now the facility to share some extension content between website to avoid to synchronise or copy/path the content.