Bike is also backfiring at deceleration. It was quite funny the first time but not funny any more when i hear that big explosion at every deceleration
One of two things is happening here.
1. Your #4 float needle is leaking by, giving you a rich condition, and the smell of gas. (+1 - This could be either the needle has wear or dirt, or the float level is not adjusted correctly.)
2. Your plug wire and cap is arcing, or is not giving good spark to your #4 cylinder. (Also could be both)
I would tap the float bowl with the handle of a screwdriver, and see if it stops. If you still smell gas, then you will have to pull the float bowl and see if the needle and seat can be cleaned. If not, replace the needle and seat.... as a matter of course, check your float height first, and see if it is set to specs. Then check your needle and seat if the float adjustment is in spec.
A complete tune up with setting static timing/points gap and cleaning/replacing your points wouldn't hurt either. Your capacitors(condensers) on the points plate could be the problem with the deceleration backfire too. These are things to check and adjust so you can eliminate them from the problem.
Charlie