The equivalent schematic is like in attached BRIDGE.PNG.
I don't well understand why diodes are necessary, the voltage drop across them means power loses.
Diodes are antiparallel connected, so each diode conduct a half cycle,and 10/1W resistor become short circuited. (I think, effect of resistor is only active when diodes are blocked, around zero crossing of line voltage).
Efect of capacitor parallel is well known, bypass for high frequency.
What happen if a fault occur and a diode only become interrupted? A continuos component may be appear. This is not good for trafo.