A piece of paper is folded and punched as shown below in the question figures. From the given answer figures, indicate how it will appear when opened.

When the paper is unfolded first to the top, a rectangular cut will appear towards top and top right part.

When the paper is unfolded second time to the bottom, L shape will appear on the left and rectangular cuts will appear similarly towards bottom.

When the paper is unfolded again to the right, L shape will appear on the top, right, bottom parts of the paper.

$$\therefore\ $$When the paper is unfolded it will appear as shown below

Hence, the correct answer is Option B