We may conclude the smaller load to move upwards, so its acceleration a is directed upwards. Let us now determine the forces that act on the loads.
M1: M1a=T−M1g , where T is the tension of string,
M2: M2a=M2g−T, therefore,
(M1+M2)a=(M2−M1)g,a=M1+M2M2−M1⋅g=4.25kg+2.3kg4.25kg−2.3kg⋅9.8N/kg=2.9m/s2.
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Thank you so much