<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2005

( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

                       Commission File Number: 333-108057

                    COMMONWEALTH INCOME & GROWTH FUND V, L.P.
             (Exact name of registrant as specified in its charter)

         Pennsylvania                                 65-1189593
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
incorporation or organization)

                               470 John Young Way
                                 Exton, PA 19341
          (Address, including zip code, of principal executive offices)

                                 (610) 594-9600
                         (Registrant's telephone number
                              including area code)



         Indicate by check mark whether the registrant (i) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (ii) has been subject to such filing
requirements for the past 90 days: YES [X] NO [ ]

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12c-2 of the Act): YES [ ] NO [X]


                                                                               1
<PAGE>
                                    FORM 10-Q
                                  JUNE 30, 2005

                                TABLE OF CONTENTS

                                     PART I
Item 1.  Condensed Financial Statements                                        3
Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations                                                 9
Item 3.  Quantitative and Qualitative Disclosures About Market Risk           11
Item 4.  Controls and Procedures                                              12

                                     PART II
Item 1.  Legal Proceedings                                                    12
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.         12
Item 3.  Defaults Upon Senior Securities                                      12
Item 4.  Submission of Matters to a Vote of Securities Holders                12
Item 5.  Other Information                                                    12
Item 6.  Index to Exhibits


         Signatures

         Certifications

                                                                               2

<PAGE>
                    COMMONWEALTH INCOME & GROWTH FUND V, L.P.
                             CONDENSED BALANCE SHEET

                                                                  JUNE 30,
                                                                   2005
                                                              ---------------
                                                                (UNAUDITED)
ASSETS


Cash and cash equivalents                                     $     5,726,080
Lease income receivable                                                13,107
Other receivable - Affiliates                                           9,580
                                                              ---------------
                                                                    5,748,767
                                                              ---------------

Computer equipment, at cost                                           456,481
Accumulated depreciation                                              (13,475)
                                                              ---------------
                                                                      443,006
                                                              ---------------

Equipment acquisition costs and deferred expenses, net                 17,540
Prepaid Acquisition fees                                              236,090
                                                              ---------------
                                                                      253,630
                                                              ---------------


TOTAL ASSETS                                                  $     6,445,403
                                                              ===============

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES

Accounts payable                                              $       120,400
Accounts payable - General Partner                                     44,389
Accounts payable - Commonwealth Capital Corp.                          11,984
                                                              ---------------
TOTAL LIABILITIES                                                     176,773
                                                              ---------------

PARTNERS' CAPITAL

General partner                                                         1,000
Limited partners                                                    6,267,630
                                                              ---------------
TOTAL PARTNERS' CAPITAL                                             6,268,630
                                                              ---------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                       $     6,445,403
                                                              ===============


            see accompanying notes to condensed financial statements

                                                                               3
<PAGE>
                       COMMONWEALTH INCOME & GROWTH FUND V
                        CONDENSED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
                                                                              FOR THE PERIOD OF
                                                                                   MARCH 14,
                                                             THREE MONTHS     (COMMENCEMENT OF
                                                                ENDED            OPERATIONS)
                                                               JUNE 30,        THROUGH JUNE 30,
                                                                 2005               2005
                                                             (UNAUDITED)        (UNAUDITED)
<S>                                                         <C>                <C>
INCOME
Lease                                                        $    16,739         $    17,476
Interest and other                                                     1                   2
                                                             -----------         -----------
TOTAL INCOME                                                      16,740              17,478
                                                             -----------         -----------

EXPENSES
Operating                                                        205,787             227,659
Organizational costs                                              53,860              79,799
Equipment management fee - General Partner                           837                 874
Depreciation                                                      12,527              13,475
Amortization of equipment
  acquisition costs and deferred expenses                            668                 719
                                                             -----------         -----------
TOTAL EXPENSES                                                   273,679             322,526
                                                             -----------         -----------

NET (LOSS)                                                   $  (256,939)        $  (305,048)
                                                             ===========         ===========

NET (LOSS) PER EQUIVALENT LIMITED
  PARTNERSHIP UNIT                                           $     (0.68)        $     (0.80)
                                                             ===========         ===========

WEIGHTED AVERAGE NUMBER OF EQUIVALENT LIMITED
  PARTNERSHIP UNITS OUTSTANDING DURING THE PERIOD                380,059             380,059
                                                             ===========         ===========
</TABLE>

            see accompanying notes to condensed financial statements

                                                                               4

<PAGE>
                    COMMONWEALTH INCOME & GROWTH FUND V, L.P.

                    CONDENSED STATEMENT OF PARTNERS' CAPITAL
<TABLE>
<CAPTION>
                                            FOR THE PERIOD OF MARCH 14, 2005 (COMMENCEMENT OF OPERATIONS)
                                                                 THROUGH JUNE 30, 2005
                                                                      (UNAUDITED)

                                         GENERAL     LIMITED
                                         PARTNER     PARTNER     GENERAL       LIMITED
                                          UNITS       UNITS      PARTNER       PARTNER             TOTAL
                                        -------------------------------------------------------------------
<S>                                    <C>         <C>         <C>          <C>               <C>
PARTNERS' CAPITAL - MARCH 14, 2005           50      119,131     $ 1,000     $        67       $     1,067
   Contributions                                     260,928           -       7,599,940         7,599,940
   Offering Costs                                                               (925,385)         (925,385)
   Distributions                                                  (1,019)       (100,925)         (101,944)
   Net (Loss)                                                      1,019        (306,067)         (305,048)

                                        -------------------------------------------------------------------
PARTNERS' CAPITAL - JUNE 30, 2005            50      380,059     $ 1,000     $ 6,267,630       $ 6,268,630
                                        ===================================================================
</TABLE>

            see accompanying notes to condensed financial statements


                                                                               5
<PAGE>
                    COMMONWEALTH INCOME & GROWTH FUND V, L.P.

                        CONDENSED STATEMENT OF CASH FLOW

   FOR THE PERIOD MARCH 14, 2005 (COMMENCEMENT OF OPERATION) TO JUNE 30, 2005


                                                                     2005
                                                                  (UNAUDITED)


NET CASH (USED IN) OPERATING ACTIVITIES                         $     (136,769)

Capital expenditures                                                  (456,481)
Prepaid acquisition fees                                              (236,090)
Equipment acquisition fees paid to General Partner                     (18,259)
                                                                ---------------
NET CASH (USED IN) INVESTING ACTIVITIES                               (710,830)

Contributions                                                        7,599,940
Distributions                                                         (101,944)
Offering costs                                                        (925,384)
                                                                ---------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                            6,572,612

Net increase in cash and cash equivalents                            5,725,013
Cash and cash equivalents, beginning of period                           1,067
                                                                ---------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $    5,726,080
------------------------------------------------------------------------------


            see accompanying notes to condensed financial statements


                                                                               6
<PAGE>
                     NOTES TO CONDENSED FINANCIAL STATEMENTS

1.   BUSINESS         Commonwealth Income & Growth Fund V (the "Partnership") is
                      a limited partnership organized in the Commonwealth of
                      Pennsylvania on May 19, 2003. The Partnership is offering
                      for sale up to 1,250,000 units of the limited partnership
                      at the purchase price of $20 per unit (the "Offering").
                      The Partnership reached the minimum amount in escrow and
                      commenced operations on March 14, 2005. As of June 30,
                      2005, the Partnership has received $7,599,940 in
                      contributions from limited partners, amounting to 380,059
                      units.

                      The Partnership uses the proceeds of the Offering to
                      acquire, own and lease various types of computer
                      peripheral equipment and other similar capital equipment,
                      which will be leased primarily to U.S. corporations and
                      institutions. Commonwealth Capital Corp ("CCC"), on behalf
                      of the Partnership and other affiliated partnerships, will
                      acquire computer equipment subject to associated debt
                      obligations and lease agreements and allocate a
                      participation in the cost, debt and lease revenue to the
                      various partnerships based on certain risk factors.

                      The Partnership's General Partner is Commonwealth Income &
                      Growth Fund, Inc. (the "General Partner"), a Pennsylvania
                      corporation which is an indirect wholly owned subsidiary
                      of CCC. CCC is a member of the Investment Program
                      Association (IPA), Financial Planning Association (FPA),
                      and the Equipment Leasing Association (ELA). Approximately
                      ten years after the commencement of operations, the
                      Partnership intends to sell or otherwise dispose of all of
                      its computer equipment, make final distributions to
                      partners, and to dissolve. Unless sooner terminated, the
                      Partnership will continue until December 31, 2015.

2.   SUMMARY OF       BASIS OF PRESENTATION
     SIGNIFICANT
     ACCOUNTING       The financial information presented as of any date other
     POLICIES         than December 31 has been prepared from the books and
                      records without audit. Financial information as of
                      December 31 has been derived from the audited financial
                      statements of the Partnership, but does not include all
                      disclosures required by accounting principles generally
                      accepted in the United States. In the opinion of
                      management, all adjustments, consisting only of normal
                      recurring adjustments, necessary for a fair presentation
                      of the financial information for the periods indicated
                      have been included. Operating results for the period of
                      March 14, 2005 (Commencement of operations) through June
                      30, 2005 are not necessarily indicative of financial
                      results that may be expected for the full year ended
                      December 31, 2005.

                                                                               7
<PAGE>
                      LONG-LIVED ASSETS

                      The Partnership evaluates its long-lived assets when
                      events or circumstances indicate that the value of the
                      asset may not be recoverable. The Partnership determines
                      whether an impairment exists by estimating the
                      undiscounted cash flows to be generated by each asset. If
                      the estimated undiscounted cash flows are less than the
                      carrying value of the asset, then an impairment exists.
                      The amount of the impairment is determined based on the
                      difference between the carrying value and the fair value.
                      Fair value is determined based on estimated discounted
                      cash flows to be generated by the asset. The partnership
                      determined that no impairment had occurred during the
                      period of March 14, 2005 (Commencement of Operations)
                      through June 30, 2005.

                      Depreciation on computer equipment for financial statement
                      purposes is based on the straight-line method over
                      estimated useful lives of four years.

                      NET INCOME (LOSS) PER EQUIVALENT LIMITED PARTNERSHIP UNIT

                      The net income (loss) per equivalent limited partnership
                      unit is computed based upon net income (loss) allocated to
                      the limited partners and the weighted average number of
                      equivalent limited partner units outstanding during the
                      period.


3.   COMPUTER         The Partnership is the lessor of equipment under operating
     EQUIPMENT        leases with periods ranging from 14 to 48 months. In
                      general, associated costs such as repairs and maintenance,
                      insurance and property taxes are paid by the lessee.

                      Through June 30, 2005, the Partnership's leasing
                      operations consisted of operating leases. Operating lease
                      revenue is recognized on a monthly basis in accordance
                      with the terms of the lease agreement.

                      As of June 30, 2005, the Partnership does not participate
                      in any shared equipment, debt obligations, or lease
                      agreements with other affiliated partnerships, but
                      anticipates doing so in the future.

                      The following is a schedule of future minimum rentals on
                      noncancellable operating leases at June 30, 2005:

                                                                        Amount
                      ----------------------------------------------------------

                        Six months ending December 31, 2005           $   74,000
                        Year ended December 31, 2006                     147,000
                        Year ended December 31, 2007                     142,000
                        Year ended December 31, 2008                      50,000
                                                                      ----------
                                                                      $  413,000
                                                                      ==========

                                                                               8
<PAGE>

4.   RELATED PARTY    REIMBURSABLE EXPENSES
     TRANSACTIONS
                      The General Partner and its affiliates are entitled to
                      reimbursement by the Partnership for the cost of supplies
                      and services obtained and used by the General Partner in
                      connection with the administration and operation of the
                      Partnership from third parties unaffiliated with the
                      General Partner. In addition, the General Partner and its
                      affiliates are entitled to reimbursement for certain
                      expenses incurred by the General Partner and its
                      affiliates in connection with the administration and
                      operation of the Partnership. For the period of March 14,
                      2005 (Commencement of Operations) through June 30, 2005,
                      the Partnership recorded $131,000 for reimbursement of
                      expenses to the General Partner.

                      EQUIPMENT MANAGEMENT FEE

                      The General Partner is entitled to be paid a monthly fee
                      equal to the lesser of (i) the fees which would be charged
                      by an independent third party for similar services for
                      similar equipment or (ii) the sum of (a) two percent of
                      (1) the gross lease revenues attributable to equipment
                      which is subject to full payout net leases which contain
                      net lease provisions plus (2) the purchase price paid on
                      conditional sales contracts as received by the Partnership
                      and (b) 5% of the gross lease revenues attributable to
                      equipment which is subject to operating and capital
                      leases. For the period of March 14, 2005(Commencement of
                      Operations) through June 30, 2005, equipment management
                      fees of approximately $874 were earned by the General
                      Partner.


ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

CRITICAL ACCOUNTING POLICIES

The Partnership's discussion and analysis of its financial condition and results
of operations are based upon its financial statements which have been prepared
in accordance with accounting principles generally accepted in the United
States. The preparation of these financial statements requires the Partnership
to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses. The Partnership bases its estimates on
historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.

The Partnership believes that its critical accounting policies affect its more
significant judgments and estimates used in the preparation of its financial
statements.

                                                                               9
<PAGE>
COMPUTER EQUIPMENT

CCC, on behalf of the Partnership and other affiliated partnerships, acquires
computer equipment subject to associated debt obligations and lease revenue and
allocates a participation in the cost, debt and lease revenue to the various
partnerships based on certain risk factors. Depreciation on computer equipment
for financial statement purposes is based on the straight-line method over
estimated useful lives of four years.

REVENUE RECOGNITION

Through June 30, 2005, the Partnership's leasing operations consist of operating
leases. Operating lease revenue is recognized on a monthly basis in accordance
with the terms of the lease agreement.

The Partnership reviews a customer's credit history before extending credit and
establishes a provision for uncollectible accounts receivable based upon the
credit risk of specific customers, historical trends and other information.

LONG-LIVED ASSETS

The Partnership evaluates its long-lived assets when events or circumstances
indicate that the value of the asset may not be recoverable. The Partnership
determines whether an impairment exists by estimating the undiscounted cash
flows to be generated by each asset. If the estimated undiscounted cash flows
are less than the carrying value of the asset, then an impairment exists. The
amount of the impairment is determined based on the difference between the
carrying value and the fair value. Fair value is determined based on estimated
discounted cash flows to be generated by the asset.

LIQUIDITY AND CAPITAL RESOURCES

The Partnership's primary source of capital for the period of March 14, 2005
(Commencement of Operations) through June 30, 2005 was contributions of
approximately $7,600,000. Equipment in the amount of $456,000 was purchased and
distributions in the amount of $102,000 were paid during the same period.

For the period of March 14, 2005 (Commencement of Operations) through June 30,
2005, the Partnership used cash from operating activities of approximately
$137,000, which includes net operating loss of approximately $305,000, and
depreciation and amortization expenses of approximately $14,000.

The Partnership's investment strategy of acquiring computer equipment and
generally leasing it under "triple-net leases" to operators who generally meet
specified financial standards minimizes the Partnership's operating expenses. As
of June 30, 2005, the Partnership had future minimum rentals on non-cancelable
operating leases of $74,000 for the balance of the year ending December 31, 2005
and $339,000 thereafter.

The General Partner intends to review and reassess the Partnership's business
plan on a quarterly basis.

                                                                              10
<PAGE>
RESULTS OF OPERATIONS

                        Three months ended June 30, 2005

For the quarter ended June 30, 2005, the Partnership recognized income of
approximately $17,000 and expenses of approximately $274,000, resulting in a net
loss of approximately $257,000.

Operating expenses of $206,000, excluding depreciation, primarily consist of
sales expenses of $27,000, conferences of $22,000, postage & shipping of
$11,000, and reimbursement of expenses to CCC for administration and operation
of the Partnership of approximately $62,000.

Organizational costs were approximately $54,000 for the quarter ended June 30,
2005. According to the American Institute of Certified Public Accountants,
Statement of Position (SOP) 98-05, costs relating to start-up activities and
organization costs (accounting, legal, printing, etc.) are to be expensed as
incurred.

Depreciation and amortization expenses consist of depreciation on computer
equipment and amortization of equipment acquisition fees. The expenses totaled
approximately $13,000 for the quarter ended June 30, 2005.

   Period of March 14, 2005 (Commencement of Operations) through June 30, 2005

For the period of March 14, 2005 (Commencement of Operations) through June 30,
2005, the Partnership recognized income of approximately $17,000 and expenses of
approximately $322,000, resulting in a net loss of approximately $305,000.

Operating expenses of $228,000, excluding depreciation, primarily consist of
sales expenses of $34,000, conferences of $22,000, postage & shipping of
$15,000, and reimbursement of expenses to CCC for administration and operation
of the Partnership of approximately $62,000.

Organizational costs were approximately $80,000 for the period of March 14, 2005
(Commencement of Operations) through June 30, 2005. According to the American
Institute of Certified Public Accountants, Statement of Position (SOP) 98-05,
costs relating to start-up activities and organization costs (accounting, legal,
printing, etc.) are to be expensed as incurred.

Depreciation and amortization expenses consist of depreciation on computer
equipment and amortization of equipment acquisition fees. The expenses totaled
approximately $14,000 for the period ended June 30, 2005.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Partnership believes its exposure to market risk is not material due to the
absence of any long-term debt.

                                                                              11
<PAGE>
ITEM 4. CONTROLS AND PROCEDURES

The Chief Executive Officer and a Financial Officer of the General Partner have
conducted a review of the Partnership's disclosure controls and procedures as of
June 30, 2005.

The Partnership's disclosure controls and procedures include the Partnership's
controls and other procedures designed to ensure that information required to be
disclosed in this and other reports filed under the Securities Exchange Act of
1934, as amended (the " Exchange Act") is accumulated and communicated to the
Partnership's management, including its chief executive officer and a financial
officer, to allow timely decisions regarding required disclosure and to ensure
that such information is recorded, processed, summarized and reported with the
required time quarters.

Based upon this review, the General Partner's Chief Executive Officer and a
Financial Officer have concluded that the Partnership's disclosure controls (as
defined in Rule 13a-14c promulgated under the Exchange Act) are sufficiently
effective to ensure that the information required to be disclosed by the
Partnership in the reports it files under the Exchange Act is recorded,
processed, summarized and reported with adequate timeliness.

There have been no changes in the General Partner's internal controls or in
other factors that could materially affect our disclosure controls and
procedures in the quarter ended June 30, 2005, that have materially affected or
are reasonably likely to materially affect the General Partner's internal
controls over financial reporting.


PART II: OTHER INFORMATION

                       COMMONWEALTH INCOME & GROWTH FUND V

         Item 1.    LEGAL PROCEEDINGS.

                    N/A

         Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

                    N/A

         Item 3.    DEFAULTS UPON SENIOR SECURITIES.

                    N/A

         Item 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS.

                    N/A

         Item 5.    OTHER INFORMATION.

                    N/A

                                                                              12
<PAGE>

         Item 6.    EXHIBITS

                     31.1  THE RULE 15D-14(A)
                     31.2  THE RULE 15D-14(A)
                     32.1  SECTION 1350 CERTIFICATION OF CEO
                     32.2  SECTION 1350 CERTIFICATION OF CFO


                                                                              13
<PAGE>


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    COMMONWEALTH INCOME & GROWTH
                                    FUND V
                                    BY: COMMONWEALTH INCOME & GROWTH
                                    FUND, INC. General Partner

August 11, 2005                     By: /s/ Kimberly A. Springsteen
---------------                        ----------------------------
Date                                Kimberly A. Springsteen
                                    President




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