have just bought a 1200 ute with a14 donk,which is only running on rear two cylinders,there's good compression on all, been through points plugs & leads etc,cleaned carby but no change, any idea's

Check for no blocks of muck n that in the ports i guess. check the valve springs even.

head gasket?

do a tk test

Could be a number of things - worn or chewed camshaft; bent pushrod. If you've got good compression, and fueling and electrics have been given the once over; i'd suspect a valvetrain related problem.
You say you've been over the electrics - you obviously have spark at all 4 plugs and timing isn't 180 degrees out?
Engines missing is usually an ignition problem unless something more sinister is at play...

if you try everything and all else fails. i would whip the head off and have a look. Did a headgasket on my daily in about 3 hours (also did a valve grind on the head and cleaned and cleaned and cleaned). Maybe a headgasket or maybe getting false readings for compression???

Just giving clues at this point

edit: piiiccccutttuuurrrreeesssss

thanks for that, ill give it a try sounds like we'll have to dig a bit deeper. let you know how we go

For a cylinder to function as it should, it needs three things, compression, fuel & spark, all of which can be checked without removal of the cylinder head.
You say that you "cleaned the carby" but what does that mean? It got a squirt of degreaser & a hose down, or it was removed, dismantled, chemically cleaned & rebuilt with a new gasket kit?
Did you check the plug leads with an ohm meter? Are they within specs?
Have you closely examined the inside of the distributor cap? Have you switched the plugs from the good cylinders into the dud ones & checked to see if the problem traveled with the plugs.
Have you tested the plugs in a test machine, or just looked at them.

Did you set the points with a dwell angle meter, or a feeler guage, or just by eye.
A vacuum guage is also a wonderful diagnostic tool & should be used if available.

If a dry compression test shows that the pressure is at least even between the cylinders, even if it is a little low, then that isn't the cause.

If two cylinders are working & the other two are not, & it has a single carb, then it isn't likely to be fuel system unless the gasket at one end of the manifold is so badly damaged that it's sucking in a lot of air into two adjacent ports, so that just leaves the spark.

In the end, it's just a machine & we have the technology to diagnose & repair & the Gregories repair manuals are a 'must have' in every home mechanics toolbox.