Allow butter and eggs to stand at room temperature for 30 mins. Meanwhile, grease and flour a 10-inch fluted bundt/tube pan. In a medium bowl stir together the flour, baking powder, salt, and baking soda; set aside.
In a large mixing bowl beat butter with an electric mixer on low to medium speed about 30 seconds. Add sugar; beat until fluffy. Add eggs 1 at a time, beating well after each addition. In a small bowl combine banana, sour cream, milk, and vanilla. Alternately add flour mixture and banana mixture to butter mixture, beating on low speed after each addition just until combined.
Stir 1/2 cup strawberry preserves and red food coloring into 1 cup of the batter. Stir cocoa powder into another 1 cup of the batter. Spoon half of the remaining plain batter into prepared pan. Spoon strawberry batter over. Top with the remaining plain batter, then chocolate batter.
Bake in a 350 degree oven for 55 to 65 minutes or until a wooden toothpick inserted near center comes out clean. Cool in pan on a wire rack for 10 mins; remove from pan. Cool completely on wire rack. In a small saucepan heat ice cream topping until warm, (can also be heated in microwave until warm) Drizzle over cake. Serve cake with ice cream topped with additional chocolate fudge topping.