Heat oven to 350°F. Grease 12-cup fluted tube cake pan. Spoon apple jelly evenly over bottom of greased pan; sprinkle with walnuts. In small bowl, combine brown sugar and cinnamon; set aside. Cut apple into quarters; remove core. Slice each quarter into 5 slices.
Separate dough into 20 biscuits; flatten each slightly. Wrap 1 biscuit around each apple slice; pinch edges to seal and completely cover apple slice. Dip each in margarine; roll in brown sugar-cinnamon mixture. Stand biscuits on end in greased pan. Drizzle with any remaining margarine; sprinkle with any remaining brown sugar-cinnamon mixture.
Bake at 350°F. for 30 to 40 minutes or until golden brown. Cool upright in pan 8 minutes; invert onto serving plate. Spoon any additional topping over baked ring. Serve warm.