Preheat the oven to 350° F. Generously grease a 9 or 10-inch bundt cake pan by coating with softened butter and sprinkled flour.
In a mixing bowl, whisk together the flour, baking powder, and salt.
In a separate bowl, use an electric mixer to beat together the butter, sugars, eggs, and vanilla. Slowly add in the flour mixture and then the water until well combined.
Use a spatula to fold in the chocolate chips. Spoon the batter into the prepared pan, smooth out the top with the spatula, and bake for 35 - 45 minutes or until a toothpick comes out clean.
After cooling, carefully place a plate (or cake platter) over the top of the cake pan and flip it over together so the cake is right-side up.
To make the whipped cream, add the heavy cream to a jar, secure with a lid, and shake, shake, shake until it resembles whipped cream. This is a super fun job for little ones. Allow the cake to cool before putting the whipped cream and sprinkles (if using) on top.