BITSAT 2019 Slot 2 Solved Paper

In figure (X), the square sheet of paper is being folded along the vertical line of symmetry, so that right half of the sheet overlaps the left half.
In figure (Y), the sheet is folded further to a quarter.
In figure (Z), two squares are punched in the folded sheet. Clearly, the punched squares will be created in each quarter of the paper and after unfolding the first fold the figure will look like as, then after unfolding the last fold the transparent sheet will look like as given in option d.
i.e.