Much better. This is actually pretty close. Here are the correct equations:
$$m_1a=m_1g-T_1$$
$$m_2a=T_2$$
$$I\alpha=(T_1-T_2)R$$
where R is the radius of the pulley, ##m_1## is the mass of the crate, ##m_2## is the mass of the cart, I is the moment of inertia of the pulley, ##T_1R## is the moment of the force ##T_1## about the axle of the pulley, and ##T_2R## is the opposing moment of the force ##T_2## about the axle of the pulley.
These equations are what you get if you do analyze the problem thoughtfully, without trying to rush it through. Please, in all the force balances you write in the future, have ma's on the left hand side of the equation and have equal signs.
Do these equations make sense to you? Geometrically, given that the radius of the pulley is R, how is the angular acceleration ##\alpha## related to the acceleration a of the two masses?