History
The phrase's earliest recording is from 1546 as "wolde you bothe eate your cake, and have your cake?" (John Heywood's 'A dialogue Conteinyng the Nomber in Effect of All the Prouerbes in the Englishe Tongue')[1] alluding to the impossibility of eating your cake and still having it afterwards; the modern version (where the clauses are reversed) is a corruption which was first signaled in 1812.
Paul Brians, Professor of English at Washington State University, points out that perhaps a more logical or easier to understand version of this saying is: