The following is the correction

$MOD51

ORG 0000H
MOV P0, #0FFH
MOV A,#00000001B //correction #
LOOP: RR A
MOV P0, A
acall TIME // correction it should be acall
SJMP LOOP


time: mov r0,#03h
in1: mov r1,#00h
in2: mov r2,#00h
wait: djnz r2,wait
djnz r1,in2
djnz r0,in1
ret
END