Let the tension in the string be T. First we must decide in which direction the frictional force on m1 will act. Suppose m2 moves down. Then m2g > T T>m1gsin Which gives m2g > m1gsin m2g - m1gsin > 0 (2/3)m1g - m1g(1/2) > 0 which is true.
Hence the block m2 moves down. The frictional force on the block m1 acts down the plane. m2g - T = m2a T - m1gsin - m1gcos = m1a Add these two equations and find the acceleration.