A drywall patch is coated with a premeasured amount of joint compound in its wet state making it immediately available for application to a wall surface. The patch with compound is sealed in an airtight wrapper or between unsealed wrapper halves which are in turn sealed in a surrounding airtight package so that the joint compound stays moist and will not harden over time. The wrapper includes a peel-away adhesive dry patch. In use, the dry patch is first applied over a crack or hole to be repaired. The wrapper and compound are applied directly over the dry patch and, while the wrapper remains in place, pressure is applied to smooth the compound over the patch and removed after the compound has dried. The wrapper is preferably composed of microporous breathable plastic film.