Mark out the circle by clicking on its layer, then click on the ctrl button and erase the markings from its lower half; select the Rectangular Marquee Tool and paint the upper part in the necessary color.



Mark out again the entire circle, but this time erase the markings from its painted part already. Insert on the lower half several stripes by applying the Rectangular Tool.



Erase all the markings after all these manipulations: Select ? Deselect (ctrl+d) and insert on the blue part of the circle a star, choosing it beforehand in the already known set of the Custom Shape Tool.



Make the necessary processing with this layer, using next combinations: Layer ? Layer Style ? Blending Options with the following adjustments: