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Question:

Three Statements are given followed by Three conclusions numbered I, II and III. Assuming the statements to be true, even if they seem to be at variance with commonly known facts, decide which of the conclusions logically follow(s) from the statements.

Statements:
All ants are beetles.
No beetle is a frog.
Some frogs are bugs.

Conclusions:
I. Some bugs are ants.
II. No bug is a beetle.
III. No frog is an ant.

Explanation:

Statements:
1. All ants are beetles.
2. No beetle is a frog.
Conclusion:
No ants are frog
No frog is ant   ...(1)

Statements:
2. No beetle is a frog.
3. Some frogs are bugs.
Conclusions:
Some bugs are not beetles   ...(2)

Now comparing Statement 1 with Conclusion (2)
All ants are beetles.
Some bugs are not beetles
Conclusion:
No conclusion is possible.

Of the conclusions given only conclusion III is correct.

Hence, option (b).