Labrynna
After you arrive, head up two screens and you'll hear a woman named Impa calling for help. After you chase the Moblins away she'll follow you. Head north and then west. Impa points out a rock marked with a ▲ symbol. Push it aside and head north two screens.
Talk to all the animals, then talk to the red bear again and it will move aside so you can fit through. Stand in the gap and you'll see another cutscene. A guy in blue, Ralph, will identify you as being from Hyrule and then introduces you to Nayru. She tells you that she feels that danger is approaching the land.
Impa then laughs and reveals she is possessed by Veran, Sorceress of Shadows. She says an age of darkness will begin and escapes through a time portal. You then see some scenes of various changes caused by Veran altering the past.
Impa will then explain some more details and give you the Wooden Sword. She tells you to meet the Maku Tree in Lynna City. Head south three screens, slash the bushes, and enter the town. Head north from the shop you're currently in front of.
On this screen, enter the building marked with a 
. Vasu will give you a L-1 Ring Box. He'll also give you an 
unidentified ring and teach you how ring identifying works. Once identified it turns into the 
Friendship Ring (#01). Most Rings will have some sort of power, but they can only be equipped after being identified. Go back outside and continue north. Head through the marked door into the Maku Path. Keep heading north until you reach the stairs, then go up them.
You've found the Maku Tree! She'll explain more of what's going on... and then she vanishes! Head east. Ralph jumps into the portal Veran left. Follow him when you're ready.
The Past
Head south, then east, then south again. Notice the right-hand door on the building. If you're playing on a Game Boy Advance you'll be able to enter (otherwise it's locked) and buy items for 100 Rupees each. Anyway head west.