Node add form alter & submit custom field
Try this...

function TableManager_form_alter(&amp;$form, &amp;$form_state, $form_id) {

  if ($form_id == 'event_node_form') {

    global $user;
    $query = db_select('pricelist', 'p');
    $query-&gt;fields('p', array('pricelist_id', 'pricelist_name'));
    $query-&gt;condition('user_id', $user-&gt;uid);
    $results = $query-&gt;execute()-&gt;FetchAllKeyed(0,1);

    $results['_none'] = "-Select-";

    $query2 = db_select('field_data_field_pricelist', 'd');
    $query2-&gt;fields('d', array('field_pricelist_value'));
    $query2-&gt;condition('entity_id', $form['nid']['#value']);
    $results2 = $query2-&gt;execute()-&gt;fetchField();

    if(empty($results2)) {
      $results2['_none']="-Select-";
    }

    $form['field_pricelist'][LANGUAGE_NONE]['#options'] = $results;
    $form['field_pricelist'][LANGUAGE_NONE]['#default_value'] = $results2;

   // $form['#submit'][] = "TableManager_form_submit";  // No longer need of this function

  }

}