I was trying to implement in-app purchase. I am using ios 5.0 beta and xcode 4.2. Now I am remaining with only error. Also when I add my binary to iTunes Connect through Application Loader I get this error:

Please help me with it!
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Edit
I just re-read your question, and it’s probably my fault for not paying more attention the first time, but you can probably ignore my previous answer..
What I believe is the problem is that you’re using the 5.0 beta SDK to write and submit your app. This can’t be done. Apple will not accept apps written with beta software.
You must compile and submit your app with the 4.3 SDK.
A lot of those errors can’t be made any more clear than they already are…
Firstly, your app needs an armv6 binary, so make sure you’re not building only the current active architecture.
You need to provide an icon that is 57 x 57 in size and specify it in the info plist with the CFBundleIconFile key.
Your code signing is invalid. Ensure you are using the correct distribution certificate and that you have a valid provisioning profile.