Hi Krishnaprasad,
I will tell you something about Service then it will be easy for you to understand the difference what you have asked.
Service: A service enables you to address a sender or receiver of messages. Depending on how you want to use the service, you can select from the following service types.
1. Business System: If you want to address a particular business system as the sender or receiver of messages, choose this service type.
2. Business Service: If you want to address an abstract business entity as the sender or receiver of messages, choose this service type.
3. Integration Process Service: If you want to address an integration process as the sender or receiver of messages, choose this service type.
"Service without party" is used when no external partner is involved in the scenario.It is used to represent any service within the landscape and is used in A2A communication.
"Party" comes into picture when we need to communicate with external partners.Is used to represent a business Partner (who doesn't belong to the Current company's landscape).It is generally defined in B2B scenarios.
Or in other words, You can assign a service to a communication party or define it as a Service without Party. Services that are assigned to a communication party are displayed in the navigation area of the Integration Builder under Party in the subtree of the party. Services that are not assigned to a communication party are displayed in the subtree as Services Without Party.
Also go through these links...
http://help.sap.com/saphelp_nw04/helpdata/en/7d/6b82cd0d1aef48ab5953524c9cc5b2/content.htm
https://www.sdn.sap.com/irj/servlet/prt/portal/prtroot/com.sap.km.cm.docs/library/uuid/b0b355ae-0501...
http://help.sap.com/saphelp_nw04/helpdata/en/81/104bb1fbab254c8644877c7f856bbf/content.htm
http://help.sap.com/saphelp_nw04/helpdata/en/f6/98fbcb7b627040bb8183a5d8421896/content.htm
http://help.sap.com/saphelp_nw2004s/helpdata/en/da/7a2f41b239a831e10000000a1550b0/frameset.htm
https://www.sdn.sap.com/irj/servlet/prt/portal/prtroot/docs/library/uuid/b0b355ae-0501-0010-3b83-8f2...
https://www.sdn.sap.com/irj/servlet/prt/portal/prtroot/docs/library/uuid/e2aeb02c-0601-0010-d680-c9b...
I hope it helps.......
Regards,
Abhy
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