The Lord's Supper is a second ordinance the believer in the Lord Jesus practices in obedience to the Word of God. It is a memorial, remembering the death of the Lord Jesus, as the Apostle Paul declared:
"For I have received of the Lord that which also I delivered unto you, That the Lord Jesus the same night in which He was betrayed took bread: And when He had given thanks, He broke it, and said, Take, eat: this is My body, which is broken for you: this do in remembrance of Me. After the same manner also He took the cup, after supper, saying, This cup is the new testament in My blood: this do, as often as you drink it, in remembrance of Me. For as often as you eat this bread, and drink this cup, you do proclaim the Lord's death till he come." (1 Cor 11:23-25)
The bread symbolizes Christ's body which was broken for us and the wine symbolizes His life's blood that was shed that we might have life. The Lord's Supper is an occassion for every child of God to reflect on the His sufferings.
"this is my body broken for you … this is by blood shed for you" (1 Cor 11:23-25)
The ordinance emphasizes the unity and mutual lovingkindness that should exist among believers who recognize the great price that was paid on their behalf. It is also a time to ensure no offences exist between brethren. Such offences betray spiritual blindness to the fact that all believers are part of His body. To sin against the brethren is to sin against Christ; an extremely serious matter.
"Therefore whoever eats the bread or drinks the cup of the Lord in an unworthy manner, shall be guilty of the body and the blood of the Lord. But a man must examine himself, and so let him eat of the bread and drink of the cup. For he who eats and drinks, eats and drinks judgment to himself if he does not judge the body rightly. For this reason many among you are weak and sick, and a number sleep." (1 Cor 11:27-30)
It is the privilege of His blood bought children to observe the Lord's Supper regularly.
"For as often as you eat this bread and drink this cup, you proclaim the Lord's death until He comes" ( 1 Cor 11:26)