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Mix together the flour, sugar, and the baking powder in a medium bowl. With a pastry blender, cut in the butter until mixture resembles coarse crumbs.
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Pour 1 c of the lite buttermilk in with the mixture and stir with a spoon until mixture clumps together and is slightly sticky, adding more liquid, a little at a time, if necessary (up to the 1 1/4 cup in total).
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(Note: You can mix the shortcake dough in a processor too. Process the dry ingredients briefly to mix and then scatter butter over top and pulse until mixture resembles coarse crumbs. With motor running, add buttermilk and process just until mixture leaves sides of bowl. Remove blades.).
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Drop 8 slightly rounded 1/3 cupfuls of dough 2 inches apart on ungreased Bake 12 minutes or until slightly puffed, bottoms are brown and tops are golden. Gently slide cakes onto a wire rack and cool completely.
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Shortly before serving:.
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Split shortcakes in half (using a serrated knife and gentle sawing motion makes it easier and less likely to tear the shortcake).
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Place shortcake on dessert plate and top each with a scoop of the ice cream and 2 slices of banana.
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Drop a large dollop or pipe some whipped cream onto top of banana.
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Garnish with cherries.
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Either serve with little pitchers of the strawberry sauce and the hot fudge sauce (already heated) or lightly drizzle each of the Banana Split Shortcakes with both sauces.