A piece of paper is folded and cutting/punching is done as shown below in the question figures. From the given answer figures indicate how it will appear when opened?

The pattern on fig. (X) and also the fact that the faces are rectangle, indicate that only fig. (1) can be obtained by folding fig. (X).

Both the larger and the smaller squares move to the adjacent corner ACW in each turn. Also, the shading in the smaller square moves 1, 2, 3, 4, 5, ... steps ACW sequentially and the shading in the larger square moves 1, 2, 3, 4, 5,.... steps CW sequentially.

From figures (i) and (ii), we conclude that 2, 3, 5 and 6 he adjacent to 1. Therefore, 4 lies opposite 1. Hence, when 4 is at the bottom, then1 must be on the top.