rudransh verma said:
You are not correct. You have
##\frac{F_n\sinα−m_2g}{m_2}=-ay##
##\frac{m_1g}{m_1}=ay=g##
If you replace the value of ##ay## from the second equation into the first, you get
##\dfrac{F_n\sinα−m_2g}{m_2}=-g##
##F_n\sinα−m_2g=-m_2g##
##F_n\sinα=0##.
Does this last result look correct? What is the equation for Newton's 2nd law for ##m_2## when the string is cut, i.e. when you have a single block sliding on an incline?
If you insist on using vertical and horizontal axes, you need keep ypurself honest and start with different accelerations for each mass.
Let ##\vec a_1## = acceleration vector of mass 1.
Under the assumption that the hanging mass is moving up, ##\vec a_1=a_1~\hat y##.
Let ##\vec a_2## = acceleration vector of mass 2. If the hanging mass is moving up, then ##m_2## is moving down and to the right (according to your FBD) ##\vec a_2=a_2\cos\!\theta~\hat x -a_2\sin\!\theta ~\hat y##.
Because the string is inextensible, you have to set the magnitudes equal, ##a_1=a_2=a##. The acceleration vectors for each mass are
##\vec a_1= a~\hat y~~## and ##~~\vec a_2=a\cos\!\theta~\hat x -a\sin\!\theta ~\hat y##.
Note that the accelerations of two masses have the same magnitudes but different y-components. As you did in post #1 you have to write three equations and make sure that you use the correct expressions for the acceleration components on the right-hand side. That is why I gave them to you.