This is covered in the MBP manual, I believe.
Basically, you need to run on battery until the MBP goes to sleep when the battery is almost completely drained. Then plug it in, and the battery will recharge. Thereafter, the time display should work fine. This needs to be done every few months to keep the calibration working properly.
You also might need to reset PMU (called something else now, I think), but start with the above.
Chris