Correct Answer: FQSMN

Solution : Given:
JUNE is written as PQRS and AUGUST is written as WQFQMN.

Code the letters of the word JUNE with equivalent letters given in the code.
J→P; U→Q; N→R; E→S
Thus, JUNE is coded as PQRS.
And, AUGUST is written as WQFQMN.
A→W; U→Q; G→F; U→Q; S→M; T→N
Thus, AUGUST is coded as WQFQMN.
On observing the given words it is clear that all the letters of the word GUEST are present in the given words JUNE and AUGUST. So, the codes for the letters of the word GUEST will be coded as the letters of the given words in the question.

Thus, the code for GUEST is FQSMN. Hence, the second option is correct.