(a) General rule.--Liability of the parents under this chapter shall be limited to:

(b) Proceedings where loss exceeds liability.--In the event that actual loss as ascertained by the court or the judgment against the child exceeds $2,500, the parents shall be discharged from further liability by the payment of $2,500 into court. The court shall cause all aggrieved parties to submit itemized statements of loss in writing and shall make distribution proportionately, whether the claims be for injuries to the person or for theft, destruction or loss of property. The court may take testimony to assist it in making proper distribution and may appoint a master to accomplish this purpose. All costs and fees incurred in these proceedings shall be paid from the $2,500 paid into court.

(c) Joint acts by children of same parent.--The limitations on liability set forth in subsections (a) and (b) shall be applicable when two or more children of the same parent engage jointly in the commission of one tortious act or series of tortious acts.