The Balance equation is as follow,
2 Al + 3 FeSO₄ → Al₂(SO₄)₃ + 3 Fe
Oxidation Number of elements in reactants,
Al = 0
Fe = +2
SO₄ = -2
Oxidation Number of elements in products,
Al = =3
Fe = 0
SO₄ = -2
Result:
As the oxidation state of Al has changed from 0 to +3, means it has lost 3 electrons so it is oxidized.
And the oxidation state of Fe has changed from +2 to 0, so it has gained 2 electrons, hence it is reduced.