Nikon P300 has a
12.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features Expeed C2 processor. On the other hand, Pentax K-5 IIs has a
16.0MP APS-C (23.7 x 15.7 mm ) sized CMOS sensor and features Prime II processor.
One other difference between these two cameras that is worth mentioning is that Pentax K-5 IIs's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moiré occurring in certain scenes.
Below you can see the P300 and K-5 IIs sensor size comparison.
As seen above, Pentax K-5 IIs has a 13.3x Larger sensor area than Nikon P300. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.