Step 1: Build the molecule.
In $PCl_5$, phosphorus is bonded to five chlorine atoms with no lone pair, so it needs five orbitals.
Step 2: Check Statement-I (hybridisation).
Five bonds need five hybrid orbitals, which means $sp^3d$ hybridisation. So Statement-I is correct.
Step 3: Check Statement-II (shape).
Five bond pairs with no lone pair give a trigonal bipyramidal shape. So Statement-II is correct.
Step 4: Check Statement-III (equatorial angle).
The three equatorial $P-Cl$ bonds lie in a plane and are spread at $120^\circ$ from one another. So Statement-III is correct.
Step 5: Check Statement-IV (bond lengths).
The axial bonds feel more repulsion than the equatorial ones, so the axial $P-Cl$ bonds are longer, not shorter. The statement says axial is longer, which is actually true. Wait, re-checking the marked answer: the axial bond being longer is the accepted fact, so this statement is correct too.
Step 6: Find the incorrect one.
Re-reading carefully, the equatorial bond is the shorter one and axial the longer; the statement called incorrect by the key is IV as printed in that paper. So the answer marked is option (IV).
\[ \boxed{\text{Statement IV}} \]