'Allocate' means to divide and give out something for a special reason or to particular people, companies etc. 'the money from the sale of the house was allocated to each of the children' = the money was divided among the children. 'Allot' means to give someone an amount of something to use or to have. 'Each speaker will be alloted 15 minutes.'

to allocate means....to give all amount of their shares. to allot means..... to give money,...... as a share.