Measuring the muon anomalous magnetic moment and rare decays of light pseudoscalar mesons into a lepton pair serve as important test of the standard model. To reduce the theoretical uncertainty in the standard model predictions, the data on the transition form factors of light pseudoscalar mesons play significant role. Recently new data on behavior of these form factors at large momentum transfer was supplied by the BABAR collaboration. Within the nonlocal chiral quark model it is shown how to describe these data and how the meson distribution amplitude evolves as a function of the dynamical quark masses and meson masses.