In col "A" I have dates, col "B" amount,col"C" Status Msg:
1.05-jan-2008 -- 300.00-- Paid
2.11-feb-2008 -- 300.00-- Paid
3.02-mar-2008-- 300.00--paid
4.24-apr-2008 -- 300.00 --Paid
5. -- Due
I am looking for a formula to get the status msg.("Paid" or "Due")
Every month one row of data is added on the date of payment.If payment
is not made ,Col "C" next to used range row(in my example "cell 'C5'
)must display the msg."Due".The msg be appeared from 1st date of every
month till the date of payment.Thanks in anticipation

Here's a possible approach.

In A1 put the starting date.

In C1 put
=IF(B1="",IF(TODAY()EOMONTH($A$1,ROW()-2),"Due",""),"Paid")
Then extend C1 downward as far as the list can get.