Microgrid (MG) is a small entity of electrical network which comprises of various Distributed Generation (DG) sources, storage devices, and group of loads in various classes. MG provides reliable and secure energy supply to the critical loads of communities while operating either in on-grid or off-grid mode. In this study, a coordinated power management control strategy for a typical low voltage (LV) MG network with integration of solar Photovoltaic (PV) and storage facility has been developed and analysed in Matlab-Simu-link software environment at various modes (on-grid, off-grid, and on-grid to off-grid transition) of MG operation. Solar PV and battery power inverters are considered as grid-support grid-forming (GsGfm) Voltage Source Inverter (VSI) with the implementation of modified droop and virtual output impedance control strategies. Proposed control strategy supports coordinated control operation between PV units and battery storage, equal power sharing among the DG sources, and smooth MG mode transition with regulation of voltage and frequency level in MG network. In addition, voltage and current THD level were analysed and verified as per the standard of AS4777.