Cloud computing is a highly popular computing paradigm providing on-demand resources with high reliability and availability. The user requests are fulfilled by providing a virtual machine with the requested configuration. However, with the ever-increasing load on the cloud resources, the need for optimal resource utilization of the cloud resources has become the need of the hour. Load balancing has been identified as one of the possible ways to improve resource utilization in the cloud and the current state-of-the-art algorithms indicate the numerous attempts made to find the approximate solution for this NP-hard problem. In this work, we have focused on evaluating the efficiency of the Hungarian algorithm for load distribution in the cloud and compared its performance with First-come-first-serve (FCFS). The simulations were carried out in CloudSim and show remarkable improvement in various performance parameters. Finish time of a given task schedule was reduced by 41% and average execution time was reduced by 13% in the Hungarian algorithm when compared with FCFS.  The simulations were carried out under different workload conditions to validate our results.