This is really easy. Please follow these steps
- Click on System->Administration->Synaptic Package Manager
- In quick search textbox type linux-generic
- Click and select all the old kernel versions you want to get removed (except the latest kernel)
- Right click and select the option Mark for Complete Removal
- Now click on the Apply button on the top toolbar
- Ubuntu will completely remove these kernels and the boot menu will be updated automatically with the latest kernel