Consider the real projective plane $\Bbb RP^2$ which can be realized as a quotient space obtained from a square by identifying points on each pair of it's opposite edges in reverse order. It has been claimed (without any explicit reasoning) in the lecture note I am following that this space is homeomorphic to the Möbius band with it's edge circle collapsed to a point. But what I can see from the identification that I am familiar with that it is obtained from the Möbius band by identifying the points on it's edge circle in a specific way. Namely after getting a Möbius band by identifying points on one of the pairs of opposite edges of a square in reverse order we need to now identify the points on the unidentified opposite edges (which form the edge circle of the Möbius band) in reverse order. But I don't understand how does this space homeomorphic to the quotient space obtained from the Möbius band by collapsing all the points of it's edge circle to a point. Would anybody please shed some light on it?
Thanks in advance.

Most of these surfaces have multiple different ways to obtain them, and one may might not be as good for one purpose as another way.
In the case of the Möbius band, the way that helps for this problem is to imagine the square with a hole cut out of it near the center. Now, as you say, identify points on each pair of opposite sides of the square in reverse order. Keeping in mind that hole in the middle, the space you get by these identfications will be homeomorphic to the Möbius band (you can perhaps to convince yourself of that by making some additional cuts and pastes).
Observe also that when you identify the entire boundary circle of the hole to a single point, you get the square itself.
So, in a few steps you get the desired homeomorphism: start with:
that is homeomorphic to
and that is homeomorphic to
and that is the projective plane.