<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 SEPTEMBER 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>

<TABLE>
<CAPTION>
                                        FORM 10-Q
                                   SEPTEMBER 30, 2005

                                    TABLE OF CONTENTS

                                         PART I
<S>         <C>                                                                     <C>
Item 1.     Condensed Financial Statements                                            3
Item 2.     Management's Discussion and Analysis of Financial
            Condition and Results of Operations                                      11
Item 3.     Quantitative and Qualitative Disclosures About Market
            Risk                                                                     13
Item 4.     Controls and Procedures                                                  13

                                         PART II
Item 1.     Legal Proceedings                                                        14
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.             14
Item 3.     Defaults Upon Senior Securities                                          14
Item 4.     Submission of Matters to a Vote of Securities Holders                    14
Item 5.     Other Information                                                        14
            Index to Exhibits
Item 6.                                                                              14

            Signatures

            Certifications
</TABLE>





                                                                               2
<PAGE>

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

                                                             SEPTEMBER 30,         DECEMBER 31,
                                                                  2005                 2004
                                                              -----------          ------------
                                                              (UNAUDITED)
<S>                                                           <C>                  <C>
ASSETS


Cash and cash equivalents                                     $ 8,761,158          $      1,067
Lease income receivable, net of reserves of $0 as of
     September 30, 2005 and December 31, 2004                      22,922                     -
Other receivable - Affiliates                                      84,402                     -
                                                              -----------          ------------
                                                                8,868,482                 1,067
                                                              -----------          ------------

Computer equipment, at cost                                     1,666,269                     -
Accumulated depreciation                                          (77,055)                    -
                                                              -----------          ------------
                                                                1,589,214                     -
                                                              -----------          ------------

Equipment acquisition costs and deferred expenses, net             65,984                     -
Prepaid acquisition fees                                          379,949                     -
                                                              -----------          ------------
                                                                  445,933                     -
                                                              -----------          ------------


TOTAL ASSETS                                                  $10,903,629          $      1,067
                                                              ===========          ============
LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES

Accounts payable                                              $   152,192          $          -
Accounts payable - General Partner                                 28,070                     -
Accounts payable - Commonwealth Capital Corp.                      18,861                     -
Notes Payable                                                     378,710                     -
                                                              -----------          ------------
TOTAL LIABILITIES                                                 577,833                     -
                                                              -----------          ------------

PARTNERS' CAPITAL

General partner                                                     1,000                 1,000
Limited partners                                               10,324,796                   567
                                                              -----------          ------------
TOTAL PARTNERS' CAPITAL                                        10,325,796                 1,567
                                                              -----------          ------------

Less receivable from Limited Partner                                                       (500)
                                                                                   ------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL
                                                              $10,903,629          $      1,067
                                                              ===========          ============
</TABLE>





            see accompanying notes to condensed financial statements

                                                                               3
<PAGE>

<TABLE>
<CAPTION>
                               COMMONWEALTH INCOME & GROWTH FUND V
                                CONDENSED STATEMENT OF OPERATIONS


                                                                                 FOR THE PERIOD OF
                                                                                     MARCH 14,
                                                              THREE MONTHS       (COMMENCEMENT OF
                                                                 ENDED              OPERATIONS)
                                                             SEPTEMBER 30,      THROUGH SEPTEMBER 30,
                                                                 2005                  2005
                                                              (UNAUDITED)           (UNAUDITED)
   <S>                                                        <C>                   <C>
   INCOME
   Lease                                                      $    84,282           $   101,759
   Interest and other                                              14,481                14,483
                                                              -----------           -----------
   TOTAL INCOME                                                    98,763               116,242
                                                              -----------           -----------

   EXPENSES
   Operating                                                      253,543               481,203
   Organizational costs                                            44,568               124,368
   Equipment management fee - General Partner                       4,214                 5,088
   Depreciation                                                    63,580                77,055
   Amortization of equipment
     acquisition costs and deferred expenses                        3,735                 4,454
                                                              -----------           -----------
   TOTAL EXPENSES                                                 369,640               692,168
                                                              -----------           -----------

   NET (LOSS)                                                 $  (270,877)          $  (575,926)
                                                              ===========           ===========

   NET (LOSS) PER EQUIVALENT LIMITED
     PARTNERSHIP UNIT                                         $     (0.42)          $     (0.90)
                                                              ===========           ===========

   WEIGHTED AVERAGE NUMBER OF EQUIVALENT LIMITED
     PARTNERSHIP UNITS OUTSTANDING DURING THE PERIOD              638,401               638,401
                                                              ===========           ===========
</TABLE>



            see accompanying notes to condensed financial statements


                                                                               4
<PAGE>


<TABLE>
<CAPTION>
                                        COMMONWEALTH INCOME & GROWTH FUND V, L.P.
                                       CONDENSED STATEMENT OF PARTNERS' CAPITAL

                             FOR THE PERIOD OF MARCH 14, 2005 (COMMENCEMENT OF OPERATIONS)
                                              THROUGH SEPTEMBER 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                                           519,270          -        12,766,790            12,766,790
   Offering Costs                                                                    (1,524,839)           (1,524,839)
   Distributions                                                        (4,625)        (336,671)             (341,296)
   Net (Loss)                                                            4,625         (580,551)             (575,926)

                                                -------- ---------    --------     ------------          ------------
PARTNERS' CAPITAL - SEPTEMBER 30, 2005                50   638,401    $ 1,000      $ 10,324,796          $ 10,325,796
                                                ========   =======    ========     ============          ============





                               see accompanying notes to condensed financial statements
</TABLE>

                                                                               5
<PAGE>




                    COMMONWEALTH INCOME & GROWTH FUND V, L.P.
                        CONDENSED STATEMENT OF CASH FLOW

FOR THE PERIOD MARCH 14, 2005 (COMMENCEMENT OF OPERATIONS) TO SEPTEMBER 30, 2005


                                                                     2005
                                                                  (UNAUDITED)


NET CASH (USED IN) OPERATING ACTIVITIES                           $  (402,619)

Capital expenditures                                               (1,287,558)
Prepaid acquisition fees                                             (379,949)
Equipment acquisition fees paid to General Partner                    (66,651)
                                                                  -----------
NET CASH (USED IN) INVESTING ACTIVITIES                            (1,734,158)

Contributions                                                      12,766,790
Distributions                                                        (341,296)
Offering costs                                                     (1,524,839)
Debt Placement fees paid to General Partner                            (3,787)
                                                                  -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES                          10,896,868

Net increase in cash and cash equivalents                           8,760,091
Cash and cash equivalents, beginning of period                          1,067
                                                                  -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                          $ 8,761,158
--------------------------------------------------------------------------------



            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
                                   September 30, 2005, the Partnership has
                                   received $12,766,790 in contributions from
                                   limited partners, amounting to 638,401 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. 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
        POLICIES                   date other 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 September 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
                                   September 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
        EQUIPMENT                  under operating 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 September 30, 2005, the Partnership's
                                   leasing operations consisted entirely of
                                   operating leases. Operating lease revenue is
                                   recognized on a monthly basis in accordance
                                   with the terms of the lease agreement.

                                   Remarketing fees are paid to the leasing
                                   companies from which the Partnership
                                   purchases leases. These are fees that are
                                   earned by the leasing companies when the
                                   initial terms of the lease have been met. The
                                   General Partner believes that this strategy
                                   adds value since it entices the leasing
                                   company to "stay with the lease" for
                                   potential extensions, remarketing or sale of
                                   equipment. This strategy potentially
                                   minimizes any conflicts the leasing company
                                   may have with a potential new lease and will
                                   potentially assist in maximizing overall
                                   portfolio performance. The remarketing fee is
                                   tied into lease performance thresholds and is
                                   factored in the negotiation of the fee.
                                   Remarketing fees incurred in connection with
                                   lease extensions are accounted for as
                                   operating costs. Remarketing fees incurred in
                                   connection with the sale of computer
                                   equipment are included in our gain or loss
                                   calculations. No remarketing fees were paid
                                   for the period ended September 30, 2005.




                                                                               8
<PAGE>

                                   The Partnership's share of the computer
                                   equipment in which they participate at
                                   September 30, 2005 was approximately
                                   $384,000, which is included in the
                                   Partnership's fixed assets on their balance
                                   sheet, and the total cost of the equipment
                                   shared by the Partnership with other
                                   partnerships at September 30, 2005 was
                                   approximately $768,000.


                                   The following is a schedule of future minimum
                                   rentals on noncancellable operating leases at
                                   September 30, 2005:
<TABLE>
<CAPTION>
                                                                                                         Amount
                                   --------------------------------------------------------------------------------
                                      <S>                                                     <C>
                                      Three months ending December 31, 2005                   $         145,000
                                      Year ended December 31, 2006                                      582,000
                                      Year ended December 31, 2007                                      576,000
                                      Year ended December 31, 2008                                      265,000

                                                                                                ----------------
                                                                                              $       1,568,000
                                                                                                ================
</TABLE>
4.      RELATED PARTY              RECEIVABLES/PAYABLES
        TRANSACTIONS
                                   As of September 30, 2005, the Partnership's
                                   related party receivables and payables are
                                   short term, unsecured, and non-interest
                                   bearing.

                                   REIMBURSABLE EXPENSES

                                   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
                                   September 30, 2005, the Partnership recorded
                                   $257,000 for reimbursement of expenses to the
                                   General Partner.

                                   OFFERING COSTS

                                   Offering costs are payments for selling
                                   commissions, dealer manager fees,
                                   professional fees and other offering expenses
                                   relating to the syndication. Selling
                                   commissions are 8% of the partners'
                                   contributed capital and dealer manager fees
                                   are 2% of the partners' contributed capital.
                                   These costs have been deducted from
                                   partnership capital in the accompanying
                                   financial statements.

                                   EQUIPMENT ACQUISITION FEE

                                   The General Partner is entitled to be paid an
                                   equipment acquisition fee of 4% of the
                                   purchase price of each item of equipment
                                   purchased as compensation for the negotiation
                                   of the acquisition of the equipment and lease
                                   thereof or sale under a conditional sales
                                   contract. For the period of March 14, 2005
                                   (Commencement of Operations) through
                                   September 30, 2005, equipment acquisition
                                   fees of approximately $67,000 were earned by
                                   the General Partner.




                                                                               9
<PAGE>

                                   DEBT PLACEMENT FEE

                                   As compensation for arranging term debt to
                                   finance the acquisition of equipment by the
                                   Partnership, the General Partner is paid a
                                   fee equal to 1% of such indebtedness;
                                   provided, however, that such fee shall be
                                   reduced to the extent the Partnership incurs
                                   such fees to third parties, unaffiliated with
                                   the General Partner or the lender, with
                                   respect to such indebtedness and no such fee
                                   will be paid with respect to borrowings from
                                   the General Partner or its affiliates. For
                                   the period of March 14, 2005 (Commencement of
                                   Operations) through September 30, 2005, debt
                                   placement fees of approximately $4,000 were
                                   earned by 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 September 30, 2005,
                                   equipment management fees of approximately
                                   $5,100 were earned by the General Partner.

5.      NOTES PAYABLE              Notes payable consisted of the following:

                                                        SEPTEMBER 30,
                                                            2005
-----------------------------------------------------------------------------

Installment notes payable to banks;
interest of 6.00%, due in monthly
installments of $4,697 and quarterly
installments ranging from $2,414 to
$8,212, including interest, with final
payments due from February through
June 2008.
                                                 $                 378,710

                                                   ------------------------
                                                 $                 378,710
---------------------------------------------------------------------------




                                                                              10
<PAGE>


                               These notes are secured by specific computer
                               equipment and are nonrecourse liabilities of the
                               Partnership. Aggregate maturities of notes
                               payable for each of the periods subsequent to
                               September 30, 2005 are as follows:


                                                                       AMOUNT

    Three months ended December 31, 2005                          $       23,953
    Year ended December 31, 2006                                         146,187
    Year ended December 31, 2007                                         155,234
    Year ended December 31, 2008                                          53,336
                                                                    ------------
                                                                  $      378,710
                                                                    ------------


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.

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 September 30, 2005, the Partnership's leasing operations consist
entirely 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.





                                                                              11
<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.

LIQUIDITY AND CAPITAL RESOURCES

The Partnership's primary source of capital for the period of March 14, 2005
(Commencement of Operations) through September 30, 2005 was contributions of
approximately $12,800,000. Equipment in the amount of $1,288,000 was purchased
and distributions in the amount of $341,000 were paid during the same period.

For the period of March 14, 2005 (Commencement of Operations) through September
30, 2005, the Partnership used cash from operating activities of approximately
$403,000, which includes a net operating loss of approximately $576,000, and
depreciation and amortization expenses of approximately $81,000.

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 September 30, 2005, the Partnership had future minimum rentals on
non-cancelable operating leases of $145,000 for the balance of the year ending
December 31, 2005 and $1,423,000 thereafter.

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



RESULTS OF OPERATIONS

                      Three months ended September 30, 2005
                      -------------------------------------

For the quarter ended September 30, 2005, the Partnership recognized income of
approximately $99,000 and expenses of approximately $370,000, resulting in a net
loss of approximately $271,000.

Operating expenses of $254,000, excluding depreciation, primarily consist of
sales expenses of $32,000, conferences of $48,000, postage and shipping of
$4,000, and reimbursement of expenses to CCC for administration and operation of
the Partnership of approximately $68,000.

Organizational costs were approximately $45,000 for the quarter ended September
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.





                                                                              12
<PAGE>

Depreciation and amortization expenses consist of depreciation on computer
equipment and amortization of equipment acquisition fees. The expenses totaled
approximately $67,000 for the quarter ended September 30, 2005.

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

For the period of March 14, 2005 (Commencement of Operations) through September
30, 2005, the Partnership recognized income of approximately $116,000 and
expenses of approximately $692,000, resulting in a net loss of approximately
$576,000.

Operating expenses of $481,000, excluding depreciation, primarily consist of
sales expenses of $66,000, conferences of $69,000, postage and shipping of
$19,000, and reimbursement of expenses to CCC for administration and operation
of the Partnership of approximately $130,000.

Organizational costs were approximately $124,000 for the period of March 14,
2005 (Commencement of Operations) through September 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 $81,000 for the period ended September 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
fixed interest rates of its long-term debt.


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
September 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.





                                                                              13
<PAGE>

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 September 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

         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







                                                                              14
<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

November 10, 2005                           By: /s/ Kimberly A. Springsteen
-----------------                           -------------------------------
Date                                        Kimberly A. Springsteen
                                            President





                                                                              15