Dear Student, When H2O2 (-1 oxidation state) serves as a reducing agent, the oxygen of H2O2 is oxidized to O2 ( 0 oxidation state) and bubbles are noticed. As a reducing agent: 2 KMnO4 + 5 H2O2 + 3 H2SO4 --> K2SO4 + 5 O2 + 2 MnSO4 + 8 H2O or 2 MnO4- + 5 H2O2 + 6 H+ --> 5 O2 + 2 Mn2- + 8H2O. Regards