Showing 2nd Depth term name and image along with it's associated node's title
When you say 'Popular', do you mean the view must showing only the most popular/used term?  a bit more info please. 

Ok, then I think I can help you get there, if I've understood everything correctly.

I've created a taxonomy that looks like this:
Vocab: Electronics
Terms:


Notebooks

Asus
Apple

Television

Panasonic
Sony



Then set up a view of Taxonomy Terms, using Filter Criteria to limit to your Electronics vocabulary (all straight forward so far).  What will help you is adding Advanced > Relationship > Taxonomy term: Content with term .  This will allow you to output the node fields that reference each term, per result.

Then enable Advanced > other > aggregation. This will allow you to group your results together by term.

To get closer to your required output, you can GROUP the fields using the FORMAT > settings.  Let me know if this takes you in the right direction, or even gets you close.  Or if you've tried this all before and I can remove the answer.

NOTE: the node will reference a specific TERM.  You can get access to that term's parent(s) tree etc, but bare in mind the relationships begin with the node->referenced TERM.