It looks like you're working the shoulders separately.
You'll first k11 st. Those are the ones you'll work first. The other 32st will be put on the holder.
You'll turn and work on those 11 st. the first p2tog is at the neck edge.
Then the shoulder st are on the remaining sts on you needle. Follow the directions and those get bound off.
Then you slip the next 32 st that I assume you have on a spare needle and follow the directions from there, I would guess on the next 11 sts. Hard to tell without the pattern. But I'm sure I'm right about the first 11.