Recently I bought one 20M guitar amplifier for my Kaps Acoustic Guitar. Along with the volume, there are 3 major keys..... Bass, Mid and Treble (range 1-10). For getting a good sound effect, what should be my setting of these 3 keys.

Actually my ultimate objective is to record my acoustic versions, for that purpose only I bought the amplifier (for practice at home) to enhance my guitar sound quality.

What should I do for recording my acoustic tracks ? I was thinking of going for mic. Please suggest

Usually, for acoustic amplification, folks want a "clean" sound. Start with everything set to the midpoint... "5"...and as Garthman says above... Fool around.

Kind of depends what sound you're looking for. I have seen acoustic artists use a tad of chorus or reverb (likely you'd need a pedal...) or just a little bit of gain... All depends how you want the instrument to sound.
Not familiar wiht either your guitar or amp, but most people do NOT amplify an acoustic guitar when recording. Amping the guitar would only be for playing louder (gigs) or for adding FX.
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