You can use either time or datetime modules, but one thing to bear in mind, is that these always create an object, that specifies a moment in time. (Also, if parsing strings, consider using the strptime function and displaying as string, strftime function respectively)
e.g.
>>> hours = time.strptime("23:59", "%H:%M")
>>> days = time.strptime("2018-01-04", "%Y-%m-%d")
>>> time.strftime("%H:%M", hours)
'23:59'
>>> time.strftime("%H:%M %Y", hours)
'23:59 1900'
Not recommended, but if you wish to separate these two object for some reason and wish to only care for a specific portion of your assignement, you can still adress the respective numbers with
>>> hours.tm_hour
23
>>> hours.tm_min
59
>>> days.tm_mon
1
>>> days.tm_mday
4
>>> days.tm_year
2018
A far better approach, in my opinion would be formatting the complete date string and using the strptime to form a complete timestamp - even if you get the time and date as separate inputs:
>>> ttime = "22:45"
>>> dday = "2018-01-04"
You can use the % formatter, or the "new" python f-Strings
>>> complete_t_string = "{} {}".format(dday, ttime)
>>> complete_t_string
'2018-01-04 22:45'
Now that we have a complete string, we can specify how it should be read and create a complete timestamp:
>>> complete_time = time.strptime(complete_t_string, "%Y-%m-%d %H:%M")
>>> complete_time
time.struct_time(tm_year=2018, tm_mon=1, tm_mday=4, tm_hour=22, tm_min=45, tm_sec=0, tm_wday=3, tm_yday=4, tm_isdst=-1)
EDIT:
Somebody will probably kill me, but if you absolutely know that you will only get two types of values, you could just do a simple try / except construct. It can probably be written more Pythonically:
try:
time.strptime(t_string, "%H:%M")
except ValueError:
time.strptime(t_string, "%Y-%m-%d")