I'd like to further support the theory that you have a broken timing belt. I had nearly the exact same thing happen to my car, except it turned out that the 25 amp fuse hold blown. As my parents and I didn't know the details of that fuse in the 240s, we assumed it was the timing belt until my mechanic corrected our suspicions.

Since it's not the fuse, then it's probably your timing belt. I think both problems have nearly identical symptoms, and you've ruled out the former cause.
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'89 244 GL -- 106,XXX miles (see profile for info on car)

$5 says it is the timing belt. Especially if it was overdue.
Susan (daughter) blew one about a year ago and did EXACTLY like you said.
They are cheap and fairly easy to replace, especially where you are, if you
can get out of the rain.

Yep, sounds like the timing belt. Ie. Dash lights come on, car dies.

As the timing belt drives the idler pulley (which drives the dist. rotor), you can pop off the dist cover and watch for rotor movement while you turn engine over.

Or, as the timing belt also drives the cam pulley, you can remove the oil cover, look at the cams, turn engine over, ans see if there has been movement.

"tell me the proper way of checking for spark?"
(Keep a spare spark plug in the car.) Unplug plug wire, hook up to spare plug which is grounded to block. Watch for spark as engine is turned over.

Or you can just hold plug wire end near block while somebody turns engine over (risk of shock).

Or you can just hold plug wire end while somebody turns engine over (greater risk of shock).
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1980 245 Canadian B21A with SU carb and M46 trans