Step 1: Understanding the Figure:
The charges \(+q, +q, -q, -q\) are placed in order at the corners of a square of side \(2r\). The two negative charges are at adjacent corners, so the midpoint \(P\) of the side joining them is at distance \(r\) from each.
Step 2: Distances to the positive charges:
Each positive charge sits at the corner adjacent to one negative charge, across the side. From \(P\), the distance to such a corner is \(\sqrt{(2r)^2 + r^2} = r\sqrt5\).
Step 3: Add potentials:
\[ V = \frac{1}{4\pi\varepsilon_0}\left[\frac{-q}{r} + \frac{-q}{r} + \frac{q}{r\sqrt5} + \frac{q}{r\sqrt5}\right] = \frac{1}{4\pi\varepsilon_0}\cdot\frac{2q}{r}\left[\frac{1}{\sqrt5} - 1\right] \]
Step 4: Why the other options are wrong.
Options (B) and (D) have \(\frac qr\) with a plus sign inside the bracket, which would make the potential positive, but the nearer charges are negative. Option (C) has \(1 - \sqrt5\), which comes from taking the distances the wrong way round.
Final Answer:
The potential is \(\frac{1}{4\pi\varepsilon_0}\frac{2q}{r}\left[\frac{1}{\sqrt5} - 1\right]\), option (A).
\[ \boxed{\frac{1}{4\pi\varepsilon_0}\frac{2q}{r}\left[\frac{1}{\sqrt{5}}-1\right]} \]