Each term of series is having the following pattern:
$1^{st}$ term follow $+2$ series in alphabetical order whereas $2^{nd}$ term follows $-2$ pattern, $3^{rd}$ follows $+1,+2,+3,\ldots$ pattern
First term;
- $F+2=H$
- $H+2=J$
- $J+2=L$
- $L+2=N$
Second term:
- $R-2=P$
- $P-2=N$
- $N-2=L$
- $L-2=J$
Third term:
- $P+1=Q$
- $Q+2=S$
- $S+3=V$
- $V+4=Z$
Option $B$ is correct.