Hello Faheem,
Its correct .before configuring set the ASE configuration parameter 'enable dump configuration' to 1. and after configuring you start taking backup of database 'using config' syntax.
1>dump database P01 using config = 'P01DB'
2>go
similer for transaction logs
For any Doubts You can refer these notes
sapnote 0001588316 SYB Configure automatic database and logbackups
sapnote 0001585981 SYB Ensuring Recoverability for Sybase
sapnote_0001539125 SYB Configuration Guide for Sybase ASE 15.7.0
sapnote_0001539124 SYB Database Configuration for SAP on Sybase ASE
sapnote_0001611715 SYB How to restore a Sybase ASE Windows
sapnote_0001618817 How to restore a Sybase ASE UNIX
Regards
K.SANDEEP