Isn't that the way it happens. You spend days searching for an answer. Then soon as i post in three linux forums i finally find the answer after all

haha
OK The problem was, B is a binding key (i didn't know that term, which would limited my searching queries). Usually those kinds of keys are accompanied by Ctrl, Alt or Shift, etc. In this case it was only B, no special combination of keys.
I fixed the problem by using the following:
sudo gedit ./purple/accels
then changed this line:
(gtk_accel_path "<main>/Options/Enable Logging" "b")
to this:
(gtk_accel_path "<main>/Options/Enable Logging" "<Control>b")
Problem Solved.
This was where i eventually found the solution:
http://developer.pidgin.im/wiki/shortcuts]
Thanks for the help anyways.