Hi Kiran,
You are supposed to send the bitmap information of the image to the controller and not the binary information of the image.

http://www.fastavr.com/
Fast LCD is the utility that does the job for you.
It gives you the bitmap information that is required to display the image on LCD. So you can send this information to the controller rather than the binary information.Check out if your LCD controller is being supported by them.
IF this is not the case ,then probably you will have to write a code in C which will create the bitmap of the image and send it to 8051

Good Luck
Pravin