In 1992, Pukhlikov and Khovanskii provided a description of the cohomology ring of toric variety as a quotient of the ring of differential operators on spaces of virtual polytopes. Later Kaveh generalized this construction to the case of cohomology rings for full flag varieties. In this paper we extend Pukhlikov-Khovanskii type presentation to the case of K-theory of toric and flag varieties. First, we study the Frobenius algebras obtained as quotients of the group algebra of free abelian group (possibly of infinite rank). Then we apply this construction to define a K-ring associated to a linear family of (virtual) polytopes. We study in detail two examples of such families: the family of integer (virtual) polytopes with a fixed normal fan and the family of (virtual) Gelfand-Zetlin polytopes. We show that the K-theory of toric and flag varieties can be realized as K-rings of the above families and use this to get natural set of relations in the above K-rings. Further, we describe the classes of structure sheaves of toric orbit closures and Schubert varieties in type A flag varieties. Finally, we show that our results also hold true in T-equivariant setting.