答：

（1）按母公司理论：P公司应编制的抵销分录为：

借：股本                                                   90 000

    资本公积                                               30 000

    留存收益                                               120 000

    无形资产——商誉                                       32 200

    应收账款                                               16 800

    存货                                                   9 000

    贷：长期股权投资                                                 250 000

        少数股东权益                                                 48 000

（2）按实体理论：P公司应编制的抵销分录为：

借：股本                                                   90 000

    资本公积                                               30 000

    留存收益                                               120 000

    无形资产——商誉                                       33 200

    应收账款                                               21 800

    存货                                                   10 000

    贷：长期股权投资                                                 250 000

        少数股东权益                                                 54 000