The moment of inertia of pulley is I and its radius is R. The string doesn't slips on the pulley as system is released then, the acceleration of the system is:
Given,
Tension in both cables is T1 and T2
The equation of forces on both masses
T1−mg=ma ⇒ T1=(ma+mg) ...... (1)
2mg−T2=2ma ⇒T2=2(mg−ma) ...... (2)
torque on pulley, (T2−T1)R=Iα ...... (3)
From (1), (2) and (3)
=Iα=[2(mg−ma)−(ma+mg)]R
⇒IαR=(mg−3ma)R2
⇒Ia+3maR2=mgR2
⇒a=mgR2I+3mR2
Acceleration of system is mgR2I+3mR2