In figure X, the square sheet of paper has been folded along the horizontal line of the symmetry so that the upper half of the sheet overlaps with the lower half.

In figure Y, the sheet is folded into a quarter. Further this quarter is folded into a triangle. Again in figure Z, two triangles are cut, one at the closed corner and another at the open corner.

These triangles will be created in each quarter of the paper. The triangle which is punched on the open corner, is seen as eight 'V' shapes on all four corners. The triangle which is punched on the closed corner is reflected as four rhombus shapes in the center of the opened square paper.

Hence option B is correct.