The statement that is incorrect in the case of a 'Not for Profit Organization' is:

(3) Income and Expenditure Account does not include Depreciation

In the case of a Not for Profit Organization, the Income and Expenditure Account does include Depreciation. Depreciation is charged on the fixed assets of the organization, and it represents the wear and tear of these assets over time. The inclusion of depreciation in the Income and Expenditure Account is essential for an accurate representation of the organization's financial performance and sustainability.

The other statements are accurate:

(1) Debit side of Income and Expenditure Account records expenses and losses

(2) Balance at the end of Receipt and Payment Account represents cash in hand at the end and Bank Balance

(4) Income and Expenditure Account is like a Profit and Loss Account

Hence, the correct answer is (3) Income and Expenditure Account does not include Depreciation.