Take a larger bowl and place add butter and sugar in it. Beat the sugar and butter for two minutes or until crumbly. Add the two eggs to the butter-sugar mixture and continue beating until smooth.
Take another large bowl, add flour, cocoa, baking powder, and salt to it. Now add in the butter-sugar mixture alternatively with 1-1/4 cups of water. Beat this mixture until all ingredients are mixed. Now fold in the chips.
Pour the mixture into a baking pan, coated with cooking spray, and bake it 350 degree for 35 to 40 minutes. However, you can also insert a toothpick near the centre of the cake and if it comes out clean, it means your cake ready. Now place it on the wire racks to cool completely.
Now it is a time for foresting. Grab a bowl and add cream cheese and confectioners' sugar to it. Beat it until smooth.
Add vanilla to the cream cheese-mixture and continue beating until soft and smooth. Fold in the whipped topping and frost your cake. Refrigerate the True Love Chocolate Cake until presenting to your guests. In order to give your cake a perfect look, sprinkle it with coconut and candy just before serving.