Step one.. you need a leak down tester... duh.
Step two.. warm the motor up.
Step three.. remove spark plugs
Step four.. Calibrate (set) tester to zero with your air pressure source.
Step five.. get #1 on tdc firing and screw tester in #1
Step six.. plug tester in and read % leakage on #1
Step seven.. rotate motor 90ยบ and repeat step six for each cylinder in the firing order rotation.
When you are testing "listen" to where the leakage is occuring... carburetor, exhaust, crankcase (breathers). This tells you where the problems are. If you have trouble hearing, use a piece of vacuum hose up to your ear to isolate the sound at different locations on the engine.
If you have carb noise you likely have an intake valve issue.
Exhaust noise likely is exhaust valve issue.
Crankcase noise is likely rings, piston damage, crack cyl, etc.
Look for wide variance between cylinders. This is usually the biggest indicator of a problem.
However if they're universally abnormally low readings the motor may just be worn out evenly.