I guess the problem is the (43 stitches remain)part?
You started of with 48 stitches.
In round 1, you did a 5 time repeat of k2tog, so you will have 5 stitches less at the end of this round. That is what the (43 stitches remain) is all about.
So round 1 means:
K2, P1, K2, P1, K2tog, P1 (you've knitted 9 stitches but have 8 left)
K2, P1, K2, P1, K2tog, P1 (now you've knitted 18 in total, 16 left)
K2, P1, K2, P1, K2tog, P1 (now you've knitted 27 in total, 24 left)
K2, P1, K2, P1, K2tog, P1 (now you've knitted 36 in total, 32 left)
K2, P1, K2, P1, K2tog, P1 (now you've knitted 45 in total, 40 left)
K2, P1 (with these last 3 stitches knit, you've knitted the 48 you casted on originally and you have 43 stitches left for the next round)
So you just have to do K2,P1 ONCE (not a whole ribbing row)
I hope this helps.
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It seems so easy...
