Hi, here is a T_SQL, assuming this:
- You do not know how many columns may appear in the results.
- The Pivot elements can vary (thats why the first assumption).
- You need the specific order 'ChildId1, ChilDesc1, ChildId2, ChildDesc2... asd so ever'
DECLARE 
@MaxCountOfChild int
-- Obtaining Maximum times a Master is used by its children
SELECT TOP 1 @MaxCountOfChild= count(*)
FROM ChildTable
GROUP BY MasterID
order by count(*) DESC
--With that number, create a string for the Pivot elements
--if you want them in the order Id1-Desc1-Id2-Desc2
DECLARE 
    @AuxforReplacing nvarchar(MAX),
    @ChildIdsandDescs nvarchar(MAX),
    @PivotElements nvarchar(MAX),
    @Counter int,
    @sql nvarchar(MAX)
SET @Counter=0
SET @AuxforReplacing=''
SET @ChildIdsandDescs=''
SET @PivotElements=''
WHILE (@Counter < @MaxCountOfChild)
begin
    SET @Counter=@Counter +1
    SET @PivotElements=@PivotElements + '[' +convert(varchar, @Counter)+ '],' 
    SET @AuxforReplacing=@AuxforReplacing +  '[' +convert(varchar, @Counter)+ '] as ' + convert(varchar, @Counter) + ','
    SET @ChildIdsandDescs=@ChildIdsandDescs + '[ChildID' + convert(varchar, @Counter)+ '],[ChildDesc' + convert(varchar, @Counter) +'],'
end
SET @PivotElements=LEFT(@PivotElements, len(@PivotElements)-1)
SET @ChildIdsandDescs=LEFT(@ChildIdsandDescs, len(@ChildIdsandDescs)-1)
SET @AuxforReplacing=LEFT(@AuxforReplacing, len(@AuxforReplacing)-1)
--print REPLACE(@AuxforReplacing, 'as ', 'as ChildId')
--print @ChildIds
--print @PivotElements
SET @sql = N'
WITH AuxTable (Masterdesc,ChildId, MasterId,ChildDesc,  NumeroenMaster) 
AS
(
SELECT M.Description as MasterDesc, C.*, RANK() OVER (PARTITION BY M.MasterId ORDER BY M.MasterId, ChildId)
FROM  MasterTable M
    INNER JOIN ChildTable C
        ON M.MasterId=C.MasterId
)
SELECT TablaMaster.MasterId,' + @ChildIdsandDescs + '
FROM 
(
    SELECT MasterId, ' + REPLACE(@AuxforReplacing, 'as ', 'as ChildId') + '
    FROM (
    SELECT MasterId, NumeroenMaster, ChildId
    FROM AuxTable) P
    PIVOT
    (
    MAX (ChildId)
    FOR NumeroenMaster IN (' + @PivotElements +')
    ) AS pvt) As TablaMaster
INNER JOIN 
(
    SELECT MasterId, ' + REPLACE(@AuxforReplacing, 'as ', 'as ChildDesc') + '
    FROM (
    SELECT MasterId, NumeroenMaster, ChildDesc
    FROM AuxTable) P
    PIVOT
    (
    MAX (ChildDesc)
    FOR NumeroenMaster IN (' + @PivotElements +')
    ) AS pvt) As TablaChild
ON TablaMaster.MasterId= TablaChild.MasterId'
EXEC sp_executesql @sql
EDIT: The result is this: 
MasterId ChildID1 ChildDesc1 ChildID2 ChildDesc2  ChildID3 ChildDesc3 ChildID4 ChildDesc4
-------- -------- ---------- -------- ----------- -------- ---------- -------- ---------
1           1      Child1       2      Child2     NULL        NULL       NULL      NULL
2           3      Child3       4      Child4      7          Child7      8      Child8
3           5      Child5       6      Child5     NULL        NULL       NULL      NULL
Asumming this in the table ChildTable:
ChildId  MasterId  ChildDesc
-------  --------  ---------
1      1       Child1
2      1       Child2
3      2       Child3
4      2       Child4
5      3       Child5
6      3       Child5
7      2       Child7
8      2       Child8