Okay guys, firstly my thanks to all of you here for your assistance, it really helped!

As I mentioned in one of my earlier posts, I managed to find lecture notes from National Taiwan Ocean University (thankfully in English!) from Google and I studied the notes this morning.

Anyway, these are the codes that work now:

ORG 0000H
CLR P2.0

MOV TMOD, #20H
MOV TH1, #-24
MOV SCON, #50H
SETB TR1

AGAIN: CLR P2.0
JNB P2.0, $
MOV SBUF, #'A'
HERE: JNB TI, HERE
CLR TI
SJMP AGAIN

END

Again, thank you very much! Also thanks to whoever who wrote the "Chapter 10 8051 Serial Communication" notes at National Taiwan Ocean University.